Building trust in a digital economy (Sabong News)
Author
Monchito B. Ibrahim
Date
MARCH 15 2022
Digital is the future of every economy. In this digital world, every business is a digital business and trust is its very foundation. It will be central to defining the maturity and development of the economy.
Today’s disrupted world continually brings incredible challenges – and immense opportunities. In a late 2018 Accenture C-level survey, 90%
of
C-levels believe a trustworthy
the digital economy is critical to their organization’s future growth. But confidence in the security of the internet is decreasing with about 59% saying the internet is increasingly unstable from a cybersecurity standpoint and organizations are not sure how to react.
How do we instill confidence in the ecosystem?
Building trust is easier said than done. It is so complex that it has always been a catch-up game for all players in every digital economy so far. And that would include digital businesses, the government, and the consumers in general. And even technology companies including communication service providers recognize the dual importance of building trust both as a company and as an enabler of the overall digital economy. And the complexities will even be magnified by the Internet of Things which wirelessly connects autonomous devices over the internet. A breach of trust can quickly result in harmful business consequences for a business.
There are several elements we need to consider when building a trustworthy digital ecosystem. A natural first step is to look at the robustness of our internet infrastructure. To this end, the Cybersecurity Bureau of the Department of Information and Communications Technology headed by Director Jose Carlos Reyes has taken the lead in the implementation of the National Cybersecurity Plan 2022. Aside from its Cybersecurity awareness programs, the office, through its Computer Emergency Response Team (CERT-PH), regularly issues security advisories on threats discovered in online and mobile apps. It also works closely with Sectoral CERT Leads, such as the Bangko Sentral ng Pilipinas, which is the CERT Lead for the Banking Sector, to ensure the protection of the Financial Services Sector and its constituents.
In the area of e-Commerce, the common fears for most consumers would be related to any of the following: fear of credit card information being stolen, unverified virtual merchants, misuse of personal data, purchasing the wrong item or may not be of the right fit, inability to track orders, and getting stuck with a product that they do not like because the seller does not have a redress mechanism in place. It is certainly heartening to note that one of the provisions of the pending Internet Transactions Act legislation call for the establishment of a Philippine Trust Mark and a full-fledged e-Commerce Bureau under the Department of Trade and Industry. The use of a verifiable Trustmark displayed by the merchant on its virtual store or website would help establish its legitimacy, its registered business address, its privacy policy, and its redress mechanism. Together with the use of SSL or secure internet transaction certificates that indicate that there is a secure connection between the browser and the web server of the merchant/payment platform, and that network eavesdropping is not possible, these measures would help build trust in the system.
A comprehensive and easy-to-understand privacy policy that clearly states not just how the customers’ personal information will be safeguarded, but also how it will be used, who will have access to it, including the rights of the customers over the use of the information is a must. As we all rapidly adopt new technologies, unprecedented amounts of personal information about us, including our habits and preferences are available digitally to all organizations we deal with. At least for the Philippines, its National Privacy Commission led by its newly installed head, Commissioner John Henry Naga, has been very proactive in ensuring that all entities including government agencies, comply with the provisions of the Data Privacy Act of 2012. The Commission has also been actively promoting awareness about the importance of building a culture of privacy through people empowerment at the same time ensuring the free flow of information.
These are just some of the measures that we need to consider to make our digital world safe. Building trust in the digital ecosystem is not just about technology. Security must be prioritized by design. It is no longer a matter for the Chief Information Security Officers alone. The stakes are too high if we want the Philippines to develop into a significant global digital economy. Trust needs to be a top leadership priority. And solving all the cybersecurity challenges will require an organized effort by all stakeholders: the government, industries, and the consumers. Accountability must be everyone’s business. The rate of technology adoption and innovation has outpaced the ability to secure them and ensure a resilient digital economy. That is the reality of this digital world. The slightest hint of incredulity, trust can disappear. The ecosystem needs to earn everyone’s trust every day, over and over again.
