The past year has been critical for Facebook’s reputation, with the tech giant coming under scrutiny following extensive, high-profile data privacy breaches. The failure of Facebook to provide good answers to tough questions about how and why it uses citizens’ data has exposed the cracks in the trust infrastructure that underpins our digital economy. Today, companies can be considered “cybersecure” but still not employ processes that ensure the security of internal data and the integrity of data relations with external stakeholders.
We have entered a critical moment in the evolution of the digital economy where we must question where and how personal data should be used and determine who has the right to gain commercial profits from the insights generated by users’ digital data. Organizations must think critically about their own digital trust — an umbrella term we use to describe the behavioral guidelines and cultural principles that include data privacy, security, protection, and stewardship.