Cisco Establishes Trust Benchmark for Digital Transformation

Rhea-AI Summary

Cisco has introduced its New Trust Standard, aiming to set a benchmark for organizations to enhance customer trust during digital transformation. This framework emphasizes essential elements such as Zero-Trust architecture, trusted supply chain, and data rights, amidst increasing cyber threats and hybrid work environments. Insights from the 2021 Consumer Privacy Survey revealed that nearly a third of consumers prioritize transparency and control over data practices, indicating a growing demand for trust in digital interactions.

Positive

• Introduction of the New Trust Standard to enhance customer trust in digital transformations.
• Emphasis on critical elements like Zero-Trust architecture and trusted supply chains.

Negative

• Increasing cyber threats may pose challenges in implementing the New Trust Standard.
• Consumer concerns regarding the use of personal data in AI decision-making could affect trust.

SAN JOSE, Calif., Sept. 29, 2021 /PRNewswire/ --

News Summary:

• Cisco's New Trust Standard offers an industry benchmark for businesses to grow confidence and develop trusted digital relationships with their customers
• This new framework raises the bar for building trust with customers as work becomes hybrid, more data is collected online, and cyber threats increase.
• Cisco also publishes new data from its 2021 Consumer Privacy Survey; key findings underscore the need for New Trust Standard

Today, Cisco published its New Trust Standard, a benchmark for assessing an organization's trustworthiness as they embrace digital transformation. This new framework raises the bar for building trust with customers as work becomes hybrid, more data is collected online, and cyber threats increase. With supporting data insights from the Cisco 2021 Consumer Privacy Survey, the New Trust Standard establishes the following critical elements needed for organizations to earn, maintain, and grow customer confidence:

• Zero-Trust architecture: Keeping out attackers by challenging assumptions and verifying every connection, from every device, every time.
• Trusted supply chain: Being aware of every component, how it is manufactured, and where it has been – while working closely with suppliers to mitigate risk.
• Data rights: Stay ahead of evolving customer expectations and government regulations
• Transparency: Being clear about what data is collected and how it is used; being open about incidents and issues as they transpire; and publicizing what is being done to rectify.
• Certifications and regulatory compliance: Demonstrating commitment to customers by earning trusted certifications awarded by independent third-party auditors.

"Trust is more than a sentiment," said Anthony Grieco, Cisco's Chief Information Security Officer. "Digital businesses need the ability to verify the trust and resilience of its solutions, operations, and actions. This framework helps us understand the core pillars in a process that makes trust quantifiable." 

In the context of today's digital economy, these elements are critical to bolster consumer confidence. According to the Cisco 2021 Consumer Privacy Survey, which engaged 2600 respondents across 12 countries, consumers have a clear desire for transparency and control with respect to a business' data practices. Other key survey highlights include:

• "Privacy Actives": Nearly one third of consumers have taken a more active role in protecting their privacy, including leaving organizations over their data practices or policies
• Privacy Regulations: Laws are regarded very positively around the world, albeit awareness remains relatively low in many countries
• Protections During the Pandemic: Most people want little or no reduction in privacy protections while supporting broad public health measures
• Artificial Intelligence: Consumers are very concerned about the use of their personal data in AI decision-making, and their trust is at stake

"Privacy is a cornerstone of trust," said Harvey Jang, Cisco's Chief Privacy Officer. "Transparency, clarity, and control are integral to building and maintaining consumer confidence."

Additional Resources:
The New Trust Standard – A Blog
Building Consumer Confidence Through Privacy and Control
Cybersecurity Awareness Month
Cisco Trust Center
Cisco Security Report Series

Press Contact:
Saro Khatchadourian
skhatcha@cisco.com

About Cisco 
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SOURCE Cisco

FAQ

What is the New Trust Standard introduced by CSCO?

The New Trust Standard is a framework by Cisco aimed at enhancing customer trust through key elements like Zero-Trust architecture and data rights.

How does the New Trust Standard impact CSCO's business?

It positions Cisco as a leader in digital transformation by providing organizations with a benchmark to build consumer trust.

What were the key findings from CSCO's 2021 Consumer Privacy Survey?

The survey showed that nearly one-third of consumers are taking steps to protect their privacy, emphasizing the need for transparency in data practices.