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What is digital trust? & Why is it more important than ever for SMEs?

AustCyber published a report on digital trust in 2020 which argues that not only are key sections of Australia’s economy undergoing a step-change because of the transition to a digital environment, but that Australia’s economic future is founded in large part on the security of this digital step-change going forward.

“Digital trust is the level of confidence users have in the ability of technology to enable a high functioning cyber-physical world. It is earned by providing secure, private, safe and reliable access to (and interaction with) technology, as well as the ways in which technology has been designed, constructed and delivered,” the report states. “Cyber security is a foundational pillar of digital trust in the economy.”

AustCyber’s South Australia Node Manager Paula Oliver says small businesses need to start paying attention to the harsh realities of the online world.

“Invoice fraud and business email compromise are some of the key things that Australian businesses need to be paying attention (to),” Ms Oliver says.

“The pandemic caused a move to remote working and that digitisation of services has brought a renewed focus on cyber security advice and services,” she says. “Digital supply chains in particular have been a core focus.”

Ms Oliver says Australian businesses need to start thinking about cyber security and digital trust more broadly as assets, rather than IT expenses.

“Cyber security is something we all need to tackle. Make it actually work to your benefit. Think about how it can make your business better protected but also more marketable. You can become more competitive in the marketplace and a far more trusted brand if you can tell people what security levels you have.”

SMEs that are looking to win contracts, either from the government or larger private firms, will be scrutinised over their levels of cyber security.

By making cyber security a priority, small businesses can avoid missing out on new business opportunities.

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