Strengthening trust through effective cyber security

In uncertain times, customers, investors and other stakeholders are looking for companies they can rely on. Cybersecurity and data protection play a key role in building and protecting trust in today's digitalised world.

Digital trust is therefore a fundamental building block of a company's success and a competitive advantage in the market.

How can digital trust be created and maintained through cybersecurity - especially as companies continue to expand data collection and use, and increasingly utilise innovative technologies such as machine learning (ML) and artificial intelligence (AI), as well as increasing cybersecurity and data protection requirements?

The "KPMG Cyber Trust Insights 2022" report provides answers. For this, 1,881 managers and five corporate leaders from large companies around the world were surveyed. Half of the participants came from the Europe/Middle East/Africa region.  

The report shows: Investments in data-driven activities are becoming increasingly important for companies. At the same time, 78 per cent of survey participants agree with the statements that the use of ML and AI poses particular challenges in terms of cyber security.

Nevertheless, the strategic importance of digital trust through cybersecurity is not yet sufficiently recognised in many companies: 65% of respondents state that information security needs are shaped more by compliance requirements than by long-term strategic ambitions.

The role of Chief Information Security Officers (CISOs) also needs to be questioned, with a third admitting that the CISO is not seen as an important manager in their organisation and has less influence than necessary to protect the company and its digital assets. And in less than 20 per cent of the companies surveyed, the CISO team is an integral part of the ESG department.