The importance of Digital Trust with Swiss Re's new report

Global reinsurer Swiss Re has published a new study outlining the importance of Digital Trust. The report calls the item “a critical currency earned by companies that have demonstrated their ability to provide their users with safe, reliable and ethical online programs or devices.” Swiss Re's data reveals that organizations must build digital trust through a series of steps. It also considers how the re/insurance industry appears poised to shape how digital trust is secured and maintained. Swiss Re said in a statement regarding the report, “Digital trust is earned by companies that have proven their ability to provide their users with safe, reliable and ethical online programs or devices. The benefits of having digital trust may not be readily apparent, but the cost of losing it can be enormous.”

While digital technologies offer rich solutions, they also present a number of risks at the moment. For example, misinformation about how to stay healthy takes years away from human life and also costs the global economy an estimated $1 trillion a year. In addition, the reputational damage that organizations suffer from digital trust issues can be huge and complex to regain after loss. The role of misinformation cannot be underestimated. For example, chronic diseases such as cardiovascular disease and type 2 diabetes are largely caused by poor diet and lack of exercise, but an alarming amount of online information about healthy eating and staying fit is misleading or even inaccurate, according to the report. According to the estimates of the Swiss Re Institute, this misinformation not only results in the loss of valuable life years, but also costs close to US$1 trillion a year globally.

Advanced business practices are improving cybersecurity.

The Swiss Re report summarizes the impact of digital technologies and how digital trust is achieved. Organizations using the latest business practices are twice as likely to make critical progress in their cybersecurity management since 2020, according to PWC's 2022 Global Digital Trust Insights Survey. The subjects included in the main lines of the report are; An overview of the “Digital Trust Pyramid” – how technologies like blockchain can improve trust and transparency and support the “confidence rate” in insurance – a nine-step methodology as a lens for promoting better understanding of the concept and approaching digital trust.

Insurers that already serve to build trust in social sectors can be channels of digital trust. The report states that the global cyber insurance market is expected to grow to over $25 billion by 2026. Speaking about the findings of the report, Christoph Nabholz, Head of Research at the Swiss Re Institute, said: "As a reinsurer, trust is a fundamental part of our business. In simple terms, when you buy an insurance policy, when you buy an insurance policy, you promise us that it will provide you financial compensation in case of disaster. and you'll trust us to keep our word. In a world where technological innovations are changing the way we live our lives, including how we manage our health and possessions, and much more, digital trust has become paramount.” “Assuring our customers that their data will be handled responsibly is a prerequisite for realizing the full potential of digital technologies,” said Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re. In the reinsurance business, digital trust forms the basis of all digital products and solutions we create and develop. Building, earning and maintaining digital trust cannot be underestimated.”