27 Apr 2020
IDC New Future of Trust Framework Redefines the Concept of Enterprise Security
SINGAPORE, April 29, 2020 – Over the past five years, IDC has been documenting the rise of the digital economy and digital transformation that organizations must undergo to compete and survive in this economy. To that end, IDC announced the launch of nine new research practices in 2020 that bridge its traditional technology market view with a business outcomes view. The objective of these practices will be to provide context to what is happening in the digital economy – explaining the desired business outcomes, such as engendering trust or becoming an intelligent organization, and how technology can be used to achieve these outcomes. The latest of these practices is the Future of Trust.
IDC defines trust as follows: Trust enables decisions to be made between two or more entities that reflects a level of confidence both in terms of quantifiable risk and subjective reputation that that enable a transaction to occur for mutual benefit. The discussion of trust introduces a new vocabulary such as acceptable uncertainty and transparency at scale. Trust is an up leveling of the security conversation to include attributes such as risk, compliance, privacy, social responsibility, and even business ethics. These elements transform the conversation from what "must" a company do to prevent negative outcomes to what "should" a company do. Thus, traditional approaches to security, risk, compliance, and privacy are facing challenges in both scope and scale.
In Asia/Pacific*, the concept of Digital Trust is understood with varying degrees of maturity, and whilst there is a common understanding of IT security, the tools and processes are applied with varying degrees of maturity – largely based on opportunity and impact. It is been said before that most IT security budgets only appear after a breach, and in many markets this still holds true.
"Never before has the concept of trust been so critical to business. As we are unable to socially interact, digital interaction has become, for many, the only way to conduct business and deliver work.” says Simon Piff, Vice President of Security at IDC Asia/Pacific. Piff adds, “this requires a new approach that relies on higher levels of trust, underpinned by a robust cyber security foundation.”
Trust is elevating to a board room topic as the language of trust changes. According to IDC's 2019 CEO Survey, digital trust programs are the most important agenda item in the next five years. This emphasis on trust will affect enterprise organizations in multiple ways, including:
- By 2023, 50% of the G2000 will name a chief trust officer, who orchestrates trust across functions including security, finance, HR, risk, sales, production, and legal by 2023.
- By 2025, two-thirds of the G2000 boards will ask for a formal trust initiative that executes a road map to increase an enterprise's security, privacy protections, and ethical execution.
- By 2025, 40% of Fortune 1000 companies will require partners and vendors to meet trust scores as a condition of doing business.
The future of trust means that traditional approaches to security, risk, compliance, and privacy are facing challenges both in scope and scale. These challenges should be met by addressing the five elements of trust depicted below. Although there are five elements of trust, we do not approach each pillar individually—the elements of trust have layers of implementation. Much like the hierarchy that Maslow proposed for human needs, trust is implemented in a layered approach.
IDC has created the Future of Trust research practice to help CEOs address these elements of trust to achieve. The new trust environment will include three concentric sphere of trust: Trusted Governance, which internally mitigates enterprise risk; Trusted Ecosystem, which delivers integrity in digital transactions between partner entities by proactively managing collective risk to all participants; and Trust Enabled Commerce, which empowers companies to drive revenue by delivering highly differentiated experiences. Building a digital trust program that delivers all three spheres of trust will help organizations succeed.
To learn more about the future of trust, and the five elements of trust that create trust outcomes, please read Frank Dickson's new blog post at https://bit.ly/IDC_FoT-Framework_2020. For media queries, please contact Tessa Rago email@example.com or Alvin Afuang firstname.lastname@example.org.
Note: Asia/Pacific excluding Japan
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights: http://bit.ly/IDCBlog_Subscribe.
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