The drive to build digital trust is more imperative than ever in today's tech-driven world. As AI and machine learning technologies begin to advance far beyond what our current regulations remit covers, it leaves a huge gap of ethical and trust issues as technology moves faster than our ability to either comprehend or manage it. In addition, it’s a growing market which is worth SGD 385 bn (USD 270 bn) and a sector that will enable further growth in sectors in the digital economy*.
It’s imperative that c-level executives and CISOs have the right information at their fingertips to make informed decisions and embed robust digital trust practices within the workplace. A recent insight report by KPMG in Singapore, outlined “5 key steps to build trust through cyber security and privacy”. Their report also highlights the statistics to be aware of regarding Digital Trust in Singapore :
“76% of Singapore business leaders admit that information security at their organisation is shaped by compliance requirements instead of long-term business ambitions”
“42% of Singapore business leaders cited recent data breaches or other cyber incidents as the top factor affecting trust”
“8 in 10 Singapore businesses cite increasing trust across the stakeholder spectrum as the leading consideration for their cyber risk programme”
Many of the businesses we work with are if not already, looking to adopt new platforms (including Web3 and the Metaverse). Therefore, ensuring that digital trust is at the forefront of their operating model is pivotal to building trust with stakeholders.
According to an iTNews Asia Roundtable, “Singapore continues to make strides as a global leader” when it comes to defining and articulating Digital Trust’s importance within the wider digital ecosystem. Further to this, SG Tech’s recent whitepaper outlined a detailed approach with valuable insights and actionable strategies aimed at strengthening digitalization efforts in Singapore.
The paper published by SG Tech delves into five key trends and opportunities that were identified within their study. Along with a range of enablers in Governance, People and Technology.
Our Director, Head of Business Development & Commercial APAC, Clarence Quek said “As technological advances continue to drive digitization efforts across all sectors, earning digital trust and displaying efforts in providing it lays the fundamental layer of confidence for all stakeholders within the digital ecosystem. Organizations continue to invest in digital trust skills within their workforce globally.”
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*SG Tech, Digital Trust Whitepaper, 2022