By: Vinod Kumar

With a wide range of applications at our disposal, why are just a few widely adopted, making those apps a phenomenal success? There is a universal underlying element that determines which apps become mainstream, and it's trust. Digital trust means knowing that your personal data and payment information is secure, and that your digital data is handled with integrity and accountability.

While being digital enables agility, reliability, new revenue streams, improved customer experience, and the ability to make more informed decisions, it also brings with it vulnerability and risk. Indeed, the digital world has opened up a steady stream of new opportunities while also introducing the need for new answers to emerging questions.

For example, when over 1.7 MB of data is generated per person per second, and 2.5 quintillion bytes of data is created every day, do we trust the integrity of this data? Partnerships and ecosystems are expected to unlock $100 trillion of value for businesses over the next 10 years. Do we trust our partner ecosystem? More than 50 percent of the global population is currently online. Do we trust all of their identities?

Defining digital trust

The answer to all of these questions lies in digital trust. As described by CIO Wiki, digital trust is the confidence placed in an organization to collect, store and use the digital information of others in a manner that benefits and protects those to whom the information pertains. A key enabler for high-quality digital interactions, digital trust measures and quantifies customer expectations. Although some businesses are beginning to realize the importance of digital trust and have undertaken numerous initiatives to address it, this trend is not yet mainstream, which leaves organizations that are lagging behind at a strategic disadvantage.

Viewed as the currency of digital business, digital trust encompasses every aspect of digital business and is essential to the success and longevity of today’s organizations. However, trust is hard-won and can easily be squandered. Interactions behind digital curtains require establishing a high level of trust between the parties involved—easier said than done. To overcome these obstacles, organizations are increasingly appointing a Chief Trust Officer (CTrO) to oversee all things related to digital trust.

With the lines blurring between the digital and physical worlds, disparate components such as people, processes and products are coming together to work in tandem. As the centerpiece for every interaction—personal and business—trust spans both traditional and digital business models. However, digital business depends upon agile (and sometimes transitory) digital interactions and relies on digital supply chains to enable interactions. In such scenarios, digital trust is the key enabler for high-quality digital interactions.

As digital trust continues to evolve, there are five key trends that are emerging. Let’s take a look.

Digital trust is a top priority for CxOs

A lot has changed in just the past few years. It wasn’t that long ago that the term “digital trust” was only used by visionaries and trendsetters. With the acceleration of digital services, digital trust is now a boardroom priority. Business leaders across the globe are now associating a concept like digital trust with their bottom line. 

The scope of digital trust is becoming much broader

In its infancy, digital trust only encompassed security and privacy, with its relevance limited to just the misuse of content and data breaches. Today, the scope of digital trust has expanded to cover three key layers. The foundational layer includes risk mitigation and prevents undesirable outcomes for a company’s customers, as well as their own business and partners. The binding layer holds the key to a healthy business and focuses on identity and security. The key here is to fully understand the identities