Trust and security – something we often hear hand in hand. But what does this really mean?
Wendy Thomas, Chief Executive Officer from Secureworks discusses her theory around ‘rethinking trust’. Thomas voices her opinion on the dire need for companies to exhibit genuine change and sustained effort over time.
You’ve got to walk the walk. Virtue signalling is not a thing and it does need to evaporate.
The common trade-off between security and convenience for businesses is far too common. It becomes clear that trust and security is one that is often, the one that fosters genuine change, sustained effort, and shared accountability.
Businesses are starting to focus on investing in communicating truthfully and transparently about their cybersecurity practices to build trust with customers. With regulatory bodies seeking disclosure around cybersecurity policies, companies are under heightened scrutiny, and consumers are no longer blindly loyal to brands.
Thomas commented,
“I think companies are focused on trust. The pace at which now your brand can be undermined by a single event, a single behaviour, a single transaction, that is a very difficult thing to recover from.”
Operating with good intent and putting in sincere effort to gain customers' benefit of the doubt, a message that resonates deeply in the land of consumer expectations and vocal dissatisfaction. Vocal is often verbalised on social media platforms – which means the dissatisfaction spans far and wide.
“It is possible to, to own that and action that, even if it's not a perfect response. The sincerity and the effort around that is – this lets your customers give you the benefit of the doubt. And that benefit of the doubt is something that is often lost these days.”
Commented Thomas.
Customer service cultures varies massively even in the US and Australia, with a nod from Thomas on the service standards in Japan being exceptional. Thomas being an American understands the vocal nature of US consumers.
The Executive reiterates the need for companies to redefine trust and acknowledges their mistakes sincerely, albeit with an understanding of the legal and financial implications.
“Rome was not built in a day. Security is not built in a day.”
Continued Thomas.
There are key elements of a how to ‘build back trust’ would start with a sincere apology and recovery, citing understanding, action, and compensation is the main objective in rebuilding trust with customers.
“You can absolutely disclose those practices in a way that maybe other businesses can learn from that. But your customers can also hold you accountable to, to walking the walk and not just talking the talk.”
Continued Thomas.
Genuineness of CEO apologies and the financial impacts of losing consumer trust post-data breaches is a major concern amongst consumers. Companies should focus on the root cause of problems, as opposed to purchasing tools without accountability for outcomes, reframes the narrative around cybersecurity practices, advocating for investment in measures that tie to business outcomes and risk.
Shared responsibility needs to be a ‘top-down’ approach and a legitimate willingness to invest in minor inconveniences to collectively build trust and security overtime.
