International Data Corporation’s (IDC) top 10 predictions for the Future of Trust point to a new normal as the world continues to navigate the impact of the Covid-19 pandemic.
Organisations – private sector, government, and educational institutions – have reached a digital transformation tipping point and are aggressively embracing digital-first strategies.
Data security, confidentiality, integrity, and availability are now key issues for all organizations, as is the imperative to use data ethically while complying with a complex web of industry and regional regulations.
Organisations must also recognize – and be sensitive to – practices that pose risks to the environment and humanity. The sense of urgency is building on proactive delivery of all the elements of trust – risk, compliance, security, privacy, and social environmental responsibility and ethics.
“Organizations’ futures are built on trust and that is evident in IDC’s top 10 Future of Trust predictions,” says Amita Potnis, research director: Future of Trust at IDC. “Leveraging available security capabilities, adhering to privacy and data protection, increasing focus on environmental sustainability and social impact, addressing regulatory compliance, and stringently following a governance model that extends to business partners and suppliers will become integral to uplifting trust as a means of competitive differentiation.”
IDC’s Future of Trust top 10 predictions provide guidance to business leaders as they navigate the changes ahead:
* Prediction 1: By 2025, 35% of organisations will replace Net Promoter Score-like metrics with Trust Indices in RFPs to align traditional security and risk solutions with customer success, brand, and reputation.
* Prediction 2: By 2026, 40% of global enterprises will incorporate cyber resiliency planning in response to trans-national sanctions against countries that neglect overseas illegal cyber-activities of their citizens.
* Prediction 3: By 2023, 25% of G2000 public cloud customers will subscribe to integrated risk management and cyber insurance policies through shared fate risk programs to protect against sophisticated cyberattacks.
* Prediction 4: By 2023, 55% of organisations will allocate half of their security budgets to cross-technology ecosystems/platforms designed for rapid consumption and unified security capabilities to drive agile innovation.
* Prediction 5: By 2023, 20% of IT buyers with IT environments that span disparate locations, clouds, remote workers, and devices will turn to network security as a service to ensure consistent protection.
* Prediction 6: By 2023, 80% of organisations faced with complex global regulations will increase security compliance automation investment by 25% to ensure all policies and regulations are met consistently.
* Prediction 7: By 2022, 33% of digital platforms will appoint resident compliance officers to limit liability from criminal penalties imposed by evolving regulations related to negative social impact of misinformation.
* Prediction 8: By 2026, 30% of organisations will commit to short, mid, and long-term sustainability objectives that span 10+ years with assured funding from stakeholders despite change of personnel during this time.
* Prediction 9: To prepare for future disruption while maintaining supplier sustainability mandates, 35% of organisations will prioritise supply chain resiliency and responsible sourcing by 2024.
* Prediction 10: By 2025, 25% of the Fortune Global 500 will employ blockchain-enabled Customer Data Tokens (CDT) and Basic Attention Tokens (BAT) to compensate customers for the gathering and use of their data.