From breaches to belief, how can we restore digital trust?

In recent years, digital trust has taken a hit due to various alarming incidents, like data breaches and phishing scams. One notable example involved a bank in Singapore losing a staggering $13.7 million to a phishing scam, which seriously shook people’s confidence in digital platforms.

After such events, many people, especially seniors, have become more fearful and distrustful, leading to a spike in cancellations of Internet banking accounts. This not only damages individuals’ trust in digital services but also hinders economic growth and innovation.

What can be done?

To address this issue, it’s crucial for everyone, from governments to businesses and individuals, to step up. A recent article by Chew and Tan, experts from the Institute of Policy Studies at the National University of Singapore, suggests several strategies to rebuild digital trust.

  • Clear Communication:

    • Firstly, there’s a need for a clear data protection message indicating that companies will not reach out to collect personal information via text message or phone call. This will help users distinguish between fraudulent and authentic communications.
  • Enhanced cybersecurity measures:

    • Multi-stage authentication, which requires users to actively participate in a coordinated system of security applications, has been shown to offer a sense of agency and control. This can help boost confidence in digital platforms.
  • Promote digital literacy and critical thinking skill:

    • Such skills are crucial to combat misinformation and fake news, which often fuel distrust.

At i-Sprint, we understand how important cybersecurity is in today’s digital world. That’s why we offer a range of cybersecurity services, including multi-factor authentication solutions and mobile app Runtime Application Self-Protection (RASP). Our solutions meet international standards, giving peace of mind to both users and businesses.

Don’t wait until it’s too late. Take proactive steps to protect yourself and your business from cyber threats.

Partner with us to strengthen your digital defences today.

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