Four tools to gain digital trust, today and tomorrow

Four tools to gain digital trust, today and tomorrow

The CEO of an energy company recently approved a $243,000 wire transfer to a scammer posing as a supplier with a lifelike “deepfake” video generated by artificial intelligence (AI), The Wall Street Journal reported. The CEO wasn’t alone: ​​deepfakes are estimated to have cost organizations at least $250 million in 2020 – and sadly, this criminal activity is on the rise.

This incident shows only one example of the important stakes of digital trust: Stakeholder confidence that an organization can maintain the integrity of its data, applications, infrastructure, and other digital assets, to ensure transparency, accessibility, security, and privacy across all experiences , platforms and networks.

An estimated 81% of consumers lose trust in a brand after a breach, and 25% stop interacting with it altogether, according to Ping identity. And cybercriminals are finding increasingly sophisticated methods to undermine organizations’ financial performance, brand equity, and customer loyalty. The financial repercussions of loss of trust in digital can be severe: an organization’s relative value to its peers and the comparable industry index can drop by up to 74% after a scandal, a recent study by Deloitte revealed.

Technology is key to improving digital trust between an organization’s people, processes, governance, and regulations. But with the cybersecurity industry filing at least 2,000 patents supporting digital trust between 2015 and 2020, it can be difficult for organizations to figure out which tools they need today and tomorrow.

Four breakthrough technologies can help improve digital trust. Two of them, AI-based data surveillance and cloud-based data trusts, are increasingly well established; two emerging technologies, blockchain and quantum, are likely to disrupt digital trust in the years to come.

AI-based data monitoring

When an organization uses trust measurement and monitoring tools, leaders can make the strategic decisions that help them improve trust. This is essential for growth: a faulty data model can seriously compromise results. But, according to Gartner.

AI can help validate the accuracy, authenticity and reliability of data by uncovering missing data, anomalies or unexpected data in real time, including tampered or manipulated documents, images and even videos, whose inaccurate shadows and highlights and biometric irregularities may escape manual examination. .

Similarly, AI can help improve identity and access management, spotting unauthorized access or abnormal user behavior to block bot accounts and prevent phishing attempts and social engineering attacks or of ransomware. According to IBM. From patient health to user interests, AI can help ensure data is used as intended, flagging intellectual property across various media to identify copyright violations.

AI innovations related to digital trust are growing rapidly, and more mature and automated AI solutions are expected to proliferate.

Cloud-enabled data trusts

An organization has no more powerful asset in its possession than its data, and no asset more urgently in need of defense.

As a bank stores and manages customers’ financial assets, an independent third-party data trust governs, monitors and secures data usage and administers legal data rights for authorized parties. Data trusts are an integral part of use cases such as designing smart cities and securing sensitive medical or financial data.

Given the immense volume of incoming data from the Internet of Things (IoT), data trusts can often be invaluable in helping organizations validate single sources of trusted information, making data management more transparent and add a layer of privacy, and improve brand reputation by increasing transparency and reducing both data silos and the risk of breach or loss.

blockchain

Given its innovative and transformative potential to support digital trust and security, blockchain technology should be on every organization’s radar as a tool to help organizations authenticate identity, establish ownership of assets and to automate trust.

An independently verifiable, immutable, and trusted digital ledger that maintains records of all contracts, transactions, and digital identities, blockchain is already widely recognized as the mechanism that establishes asset ownership for cryptocurrencies and non-fungible tokens (NFTs). .

Blockchain also enables unprecedented public transparency and authentication to help verify the identity of individuals in elections, display the provenance of published sources of information, protect against hacking and counterfeiting of material, and expedite legal agreements and financial transactions. And as a trusted and continuously auditable platform, blockchain can reduce the complexity and risk an organization must bear when working with a large network of trusted third parties.

Quantum Technologies

Organizations must keep tabs on the emerging and immensely powerful potential of quantum computing poised to disrupt digital trust for both better and worse. While potentially helping organizations perform broad data analytics to uncover trends and anomalies while improving data encryption systems, it also introduces the threat of exposing data and transactions to cybercrime via hackers. common encryption techniques.

Quantum Key Distribution (QKD) uses quantum mechanics to distribute encryption keys between two parties, and its tamper-proof properties reveal any eavesdropping attempt. QKD’s limitations, including its complex processes, oversized special equipment, and high costs, have prevented more widespread adoption.

Digital trust will depend on organizations implementing post-quantum cryptography (PQC): quantum-resistant techniques using mathematical problems too complex to be solved by quantum computers. The National Institute of Standards and Technology (NIST) aims to standardize quantum-resistant algorithms by 2024, which could make PQC more cost-effective and boost digital trust by pushing more organizations to improve data hygiene.

Putting digital trust to work for you

These four digital trust technologies – AI-based surveillance, data trusts, blockchain and quantum technologies – can be useful when they work together, helping you build your brand reputation by both protecting your data and strengthening and streamlining your operations.

And because digital trust cuts across all disciplines and practices in your organization, it’s critical to continually explore and evaluate the tools that will make the biggest difference to your customers’ security and your business’s growth.

Read the full Deloitte Gain digital trust report to learn more about how emerging technologies can help your organization build digital trust.

This publication contains general information only and Deloitte does not provide accounting, business, financial, investment, legal, tax or other advice or services through this publication. This publication does not replace such professional advice or services, nor should it be relied upon as the basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional adviser.

Deloitte accepts no responsibility for any loss suffered by anyone relying on this publication.

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