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The Chertoff Group: Financial Security Series 
Trust, Reputation, Data Security & Privacy and the Financial Industry 
Sept...
“Trust is the foundation of all relationships, including those 
between enterprises and the markets they serve. As our wor...
We are living through a period of 
profound transformation.
PYRAMID of 
AUTHORITY 
PYRAMID of 
COMMUNITY 
DIAMOND of 
INFLUENCE 
The new dynamic 
CEO 
BOARD OF 
DIRECTORS 
ACADEMICS ...
Two related, but different, critical success factors 
tactical behavioral engagement 
today 
yesterday tomorrow 
REPUTATIO...
Trust as a business asset 
There is no business objective which can not be aided by 
trust and positive reputation or hind...
The state of trust
#1 
#2 
NGOS BUSINESS 
GOVERNMENT 
Trust remains stable in a volatile world 
TOTAL TRUST 
TRUST A GREAT DEAL 
MEDIA 
63% 6...
TECHNOLOGY 79% 
58% 
56% 
54% 
55% 
53% 
43% 
47% 
76% 
AUTOMOTIVE 
FOOD AND BEVERAGE 
CONSUMER PACKAGED 
ENERGY 
PHARMACE...
Security critical to consumers trust’ 
of U.S. consumers worry about the security of their personal information. 
Temkin G...
Financial information greatest concern 
Proprietary study conducted by Edelman in 2012 found… 
17% 
13% 
12% 
28% 
26% 
36...
92% 
84% 
78% 
77% 
69% 
63% 
50% 
50% 
43% 
37% 
69% 
33% 
51% 
48% 
12% 
27% 
12% 
9% 
11% 
6% 
23% 
F INANCE 
ONL INE 
...
Actions your customers will take when you falter 
Proprietary study conducted by Edelman in 2014 found… 
56% 
40% 
29% 
Po...
We must build trust
Trust has tangible benefits 
DISTRUSTED COMPANIES _ + TRUSTED COMPANIES 
Refused to buy products/services Chose to buy pro...
Key attributes that build trust 
ENGAGEMENT 
LISTENS TO CUSTOMER NEEDS AND FEEDBACK 
TREATS EMPLOYEES WELL 
PLACES CUSTOME...
Engagement & Integrity build trust most 
STATED IMPORTANCE 
HIGH-PERFORMING UNDER-PERFORMING ON HIGH PRIORITIES ON HIGH PR...
Behaviors impact trust 
If companies exhibit these positive behaviors... …it will have its greatest impact in these cluste...
The key to moving forward
… a period of profound transformation 
Boardroom 
from backroom 
When, 
not if 
Communicate 
& engage 
Take 
collective 
a...
Thank you 
Ben.Boyd@Edelman.com
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The Intersection of Trust, Data Security and the Financial Industry

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This presentation focuses on the intersection of trust, the financial industry and data security/privacy. Ben Boyd, Edelman's president of Practices, Sectors and Offerings, discussed consumer's low trust in the financial industry, the critical role data security plays in driving consumer trust and how companies should think about using data security to bolster trust in their organizations as security has moved from the backroom to the boardroom.

Publicada em: Economia e finanças
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The Intersection of Trust, Data Security and the Financial Industry

  1. 1. The Chertoff Group: Financial Security Series Trust, Reputation, Data Security & Privacy and the Financial Industry Sept. 9, 2014
  2. 2. “Trust is the foundation of all relationships, including those between enterprises and the markets they serve. As our world becomes more connected and more dependent on cloud and mobile technologies, maintaining control over trust must be a top priority for all CEOs, CIOs, CISOs and IT security managers. When trust is compromised, business stops.” - Jeff Hudson, CEO, Venafi
  3. 3. We are living through a period of profound transformation.
  4. 4. PYRAMID of AUTHORITY PYRAMID of COMMUNITY DIAMOND of INFLUENCE The new dynamic CEO BOARD OF DIRECTORS ACADEMICS TECHNICAL EXPERTS ELITE MEDIA GENERAL POPULATION EMPLOYEES ACTION CONSUMERS SOCIAL ACTIVISTS
  5. 5. Two related, but different, critical success factors tactical behavioral engagement today yesterday tomorrow REPUTATION TRUST Stakeholders’ aggregate analysis of past behavior Stakeholders’ expectation of future behavior based on past performance REPUTATION reflects how stakeholders feel about you today ... while TRUST inherently facilitates how they will act with – and for – you in the future.
  6. 6. Trust as a business asset There is no business objective which can not be aided by trust and positive reputation or hindered by their absence. They are vital to the very definition of business value.
  7. 7. The state of trust
  8. 8. #1 #2 NGOS BUSINESS GOVERNMENT Trust remains stable in a volatile world TOTAL TRUST TRUST A GREAT DEAL MEDIA 63% 64% 22% 23% 2013 2014 57% 52% #3 17% 16% 2013 2014 58% 58% 17% 16% 2013 2014 48% 44% #4 16% 15% 2013 2014
  9. 9. TECHNOLOGY 79% 58% 56% 54% 55% 53% 43% 47% 76% AUTOMOTIVE FOOD AND BEVERAGE CONSUMER PACKAGED ENERGY PHARMACEUTICALS MEDIA BANKS GOODS 70% 66% 65% 59% 59% 51% 51% TECHNOLOGY AUTOMOTIVE FOOD AND BEVERAGE CONSUMER PACKAGED GOODS ENERGY PHARMACEUTICALS MEDIA BANKS +3 +12 +10 +11 +4 +6 +8 +4 Technology leads, finance trails 2009 2014 2009 VS. 2014
  10. 10. Security critical to consumers trust’ of U.S. consumers worry about the security of their personal information. Temkin Group "Consumer Benchmark Survey", May 5, 2014 of U.S. consumers don’t believe organizations care about their private data and keeping it safe and secure. HyTrust Inc., the Cloud Security Automation Company, March 2014 of global consumers believe failure to keep customer information secure has a significant negative impact on trust in a company 2014 Edelman Trust Barometer: Financial Services Industry 74.8% 72.5% 80%
  11. 11. Financial information greatest concern Proprietary study conducted by Edelman in 2012 found… 17% 13% 12% 28% 26% 36% 78% 90% Financial information Personal information Emails Health information Frequent purchase / shopping data Content posted by you to social networks Content posted by others to social networks Browsing activity
  12. 12. 92% 84% 78% 77% 69% 63% 50% 50% 43% 37% 69% 33% 51% 48% 12% 27% 12% 9% 11% 6% 23% F INANCE ONL INE SHOPPING & RET AI L MEDICAL & HEAL THCARE GOVERNMEN T SOCIAL NETWORKIN G T ECHNOLOG Y NEWS & MEDIA AUTOMOT IVE FOOD & GROCERY GAMING UT I L I T IES* 51-point gap in expectations Importance of privacy and security in each industry (global) Trust in each industry to protect personal information (global) 23-point gap in expectations Financial industry not meeting customer security needs
  13. 13. Actions your customers will take when you falter Proprietary study conducted by Edelman in 2014 found… 56% 40% 29% Political Action (sign a petition, contact a politician, meet a representative) Stop/Reduce Technology Use Social Activity (post content to social/business social media, write an op-ed or letter) 53% believe government should regulate the financial services industry more
  14. 14. We must build trust
  15. 15. Trust has tangible benefits DISTRUSTED COMPANIES _ + TRUSTED COMPANIES Refused to buy products/services Chose to buy products/services Criticized them to a friend/colleague Recommended them to a friend/colleague 19% 33% 73% 67% Paid more for products/services 30% 44% 54% 85% 75% Bought shares Shared negative opinions online Sold shares Shared positive opinions online
  16. 16. Key attributes that build trust ENGAGEMENT LISTENS TO CUSTOMER NEEDS AND FEEDBACK TREATS EMPLOYEES WELL PLACES CUSTOMERS AHEAD OF PROFITS COMMUNICATES FREQUENTLY AND HONESTLY ON THE STATE OF ITS BUSINESS INTEGRITY HAS ETHICAL BUSINESS PRACTICES TAKES RESPONSIBLE ACTIONS TO ADDRESS AN ISSUE OR CRISIS HAS TRANSPARENT AND OPEN BUSINESS PRACTICES PRODUCTS & SERVICES OFFERS HIGH QUALITY PRODUCTS OR SERVICES IS AN INNOVATOR OF NEW PRODUCTS, SERVICES OR IDEAS PURPOSE WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT ADDRESSES SOCIETY’S NEEDS IN ITS EVERYDAY BUSINESS CREATES PROGRAMS THAT POSITIVELY IMPACT THE LOCAL COMMUNITY PARTNERS WITH NGOs, GOVERNMENT AND 3RD PARTIES TO ADDRESS SOCIETAL NEEDS OPERATIONS HAS HIGHLY-REGARDED AND WIDELY ADMIRED TOP LEADERSHIP RANKS ON A GLOBAL LIST OF TOP COMPANIES DELIVERS CONSISTENT FINANCIAL RETURNS TO INVESTORS
  17. 17. Engagement & Integrity build trust most STATED IMPORTANCE HIGH-PERFORMING UNDER-PERFORMING ON HIGH PRIORITIES ON HIGH PRIORITIES ENGAGEMENT INTEGRITY STATED PERFORMANCE OPERATIONS PURPOSE PRODUCTS & SERVICES Now tablestakes, in 2008 Operations were much higher in importance for building trust. UNDER-PERFORMING ON LOWER EXPECTATIONS HIGH-PERFORMING ON LOWER PRIORITIES BUSINESS IMPORTANCE VS. BUSINESS PERFORMANCE ON 16 TRUST DRIVERS - GLOBAL TRUST-BUILDING OPPORTUNITY QUADRANT
  18. 18. Behaviors impact trust If companies exhibit these positive behaviors... …it will have its greatest impact in these clusters 80% 85% 85% 83% 86% ENSURES QUALITY CONTROL IN PRODUCTS PROTECTS CUSTOMER DATA RESPECTS EMPLOYEE RIGHTS RESPONSIBLE SUPPLY CHAIN MANAGEMENT PAYS APPROPRIATE LEVEL OF TAX ENGAGEMENT INTEGRITY PRODUCTS & SERVICES ENGAGEMENT INTEGRITY PRODUCTS & SERVICES ENGAGEMENT INTEGRITY ENGAGEMENT INTEGRITY ENGAGEMENT INTEGRITY PURPOSE
  19. 19. The key to moving forward
  20. 20. … a period of profound transformation Boardroom from backroom When, not if Communicate & engage Take collective action
  21. 21. Thank you Ben.Boyd@Edelman.com

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