SAN JOSE, Calif. — Cisco is introducing a benchmark report to help organizations assess their “trustworthiness” among customers as they embrace digital transformations.
The “New Trust Standard” is intended to “raise the bar” for building trust with customers as work becomes hybrid, more data is collected online, and cyber threats increase, according to Cisco.
The 12-page benchmark report is based on Cisco’s interactions with customers as well as several Cisco reports and surveys, including supporting data insights from its 2021 “Consumer Privacy Survey.”
5 “building blocks” of trust
The “New Trust Standard” describes five critical elements needed for organizations to earn, maintain, and grow customer confidence:
1. Zero-trust architecture: keeping out attackers by challenging assumptions and verifying every connection, from every device, every time
2. Trusted supply chain: being aware of every component, how it is manufactured, and where it has been, while working closely with suppliers to mitigate risk
3. Data rights: stay ahead of evolving customer expectations and government regulations
4. Transparency: being clear about what data is collected and how it is used; being open about incidents and issues as they transpire; and publicizing what is being done to rectify
5. Certifications and regulatory compliance: demonstrating commitment to customers by earning trusted certifications by independent third-party auditors.
See more: Data Privacy Trends
“Trust is more than a sentiment,” said Anthony Grieco, chief information security officer, Cisco. “This framework helps us understand the core pillars in a process that makes trust quantifiable.”
In a digital economy, Cisco believes the benchmark’s elements are “critical to bolster consumer confidence.” For instance, consumers have a clear desire for transparency and control with respect to a business’ data practices, according to Cisco’s 2021 “Consumer Privacy Survey,” which engaged 2,600 respondents across 12 countries.
Key findings from “Consumer Privacy Survey”
- “Privacy actives”: Nearly one-third of consumers have taken a more active role in protecting their privacy, including leaving organizations over their data practices or policies
- Privacy regulations: Laws are regarded very positively around the world, but awareness remains relatively low in many countries
- Protections during the pandemic: Most people want little or no reduction in privacy protections, while supporting broad public health measures
- Artificial intelligence (AI): Consumers are very concerned about the use of their personal data in AI decision making, and their trust is at stake
“Privacy is a cornerstone of trust,” said Harvey Jang, chief privacy officer, Cisco. “Transparency, clarity, and control are integral to building and maintaining consumer confidence.”