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mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Jim Boehm</span></a> </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/liz-grennan" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Liz Grennan</span></a> </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/alex-singla" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Alex Singla</span></a><span> </span></span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/kate-smaje" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Kate Smaje</span></a></span></span></div><div class="mdc-u-grid-col-md-start-8 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-8 mdc-u-grid-col-lg-end-11 ArticleContent_mck-c-article-content__share-tools__kWRRw"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-5"><div class="mck-u-links-inline">Consumer faith in cybersecurity, data privacy, and responsible AI hinges on what companies do today—and establishing this digital trust just might lead to business growth.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Fbusiness%20functions%2Fquantumblack%2Four%20insights%2Fwhy%20digital%20trust%20truly%20matters%2Fwhy-digital-trust-truly-matters-vf.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_2734c4f" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="why-digital-trust-truly-matters-vf" data-layer-report-name="why-digital-trust-truly-matters-vf>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f"> (18 pages)</span></a></div></div></div></div> <p><strong>The results of our survey</strong> of more than 1,300 business leaders and 3,000 consumers globally suggest that establishing trust in products and experiences that leverage AI, digital technologies, and data not only meets consumer expectations but also could promote growth. The research indicates that organizations that are best positioned to build digital trust are also more likely than others to see annual growth rates of at least 10 percent on their top and bottom lines. However, only a small contingent of companies surveyed are set to deliver. The research suggests what these companies are doing differently.</p> <a id="a1-anchor"></a> <br/>  <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-md-center Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v11-datapoint1-rj-shrunk-timed-v2.gif"/><img alt="70% of consumer respondents believe that the companies they do business with protect their data vs. 57% of executives report that their organizations suffered at least one material data breach in the past 3 years" src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v11-datapoint1-rj-shrunk-timed-v2.gif" loading="lazy"/></picture><div class="mck-u-sr-only">70% of consumer respondents believe that the companies they do business with protect their data vs. 57% of executives report that their organizations suffered at least one material data breach in the past 3 years</div></div> <p><span class="lead">A majority of consumers believe that the companies they do business with provide the foundational elements of digital trust, which we define as confidence in an organization to protect consumer data, enact effective cybersecurity, offer trustworthy AI-powered products and services, and provide transparency around AI and data usage. However, most companies aren’t putting themselves in a position to live up to consumers’ expectations.</span></p> <h3>Consumers value digital trust</h3> <p>Consumers report that digital trust truly matters—and many will take their business elsewhere when companies don’t deliver it.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-edge-to-edge StoryContainer_mck-c-story-container__TLkZC mck-c-module-wrapper"><div data-component="mdc-c-module-wrapper" data-module-theme="dark" data-module-background="deep-blue" data-module-category="" class="StoryContainer_mck-c-story-container__item__YhXnX"><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-col-md-12 StoryContainer_mck-c-story-container__content-item__fg74z"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-md StoryContainer_mck-c-story-container__content-text__DEQ4O StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-4"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline"><div><p><strong>Most respondents say it’s important for companies to provide transparency</strong> around their digital-trust policies.</p></div></div></div><div class="StoryContainer_mck-c-story-container__content-media__o8N4Z StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-8"><div class=""><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a1-story-spacing.svgz?cq=50&cpy=Center"/><img alt="Consumers want to know a company’s data and AI policies before buying its products or services." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a1-story-spacing.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="dark" data-module-background="deep-blue" data-module-category="" class="StoryContainer_mck-c-story-container__item__YhXnX"><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-col-md-12 StoryContainer_mck-c-story-container__content-item__fg74z"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-md StoryContainer_mck-c-story-container__content-text__DEQ4O StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-4"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline"><div><p><strong>They want clarity</strong> about how their data will be used. Nearly half of all respondents frequently consider another brand if the one that they are considering purchasing from is unclear about how it will use their data. These figures increase among some segments, such as Gen Z.</p></div></div></div><div class="StoryContainer_mck-c-story-container__content-media__o8N4Z StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-8"><div class=""><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a2-story-spacing.svgz?cq=50&cpy=Center"/><img alt="Many consumers will consider switching brands when a company’s data practices are unclear." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a2-story-spacing.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="dark" data-module-background="deep-blue" data-module-category="" class="StoryContainer_mck-c-story-container__item__YhXnX"><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-col-md-12 StoryContainer_mck-c-story-container__content-item__fg74z"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-md StoryContainer_mck-c-story-container__content-text__DEQ4O StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-4"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline"><div><p><strong>Consumers even believe some digital-trust tenets</strong> are nearly as important as common purchase decision factors, such as cost and delivery time.</p></div></div></div><div class="StoryContainer_mck-c-story-container__content-media__o8N4Z StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-8"><div class=""><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a3-story-spacing.svgz?cq=50&cpy=Center"/><img alt="Survey respondents consider trustworthiness and data protections to be nearly as important as price and delivery time." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a3-story-spacing.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="dark" data-module-background="deep-blue" data-module-category="" class="StoryContainer_mck-c-story-container__item__YhXnX"><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-col-md-12 StoryContainer_mck-c-story-container__content-item__fg74z"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-md StoryContainer_mck-c-story-container__content-text__DEQ4O StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-4"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline"><div><p><strong>Many will <em>only</em> buy from companies that are known for protecting consumer data.</strong> More than half of respondents say that they often or always make online purchases or use digital services from a company only after making sure that the company has a reputation for being trustworthy with its customers’ data. Again, this figure increases among some demographics.</p></div></div></div><div class="StoryContainer_mck-c-story-container__content-media__o8N4Z StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-8"><div class=""><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a4-story-spacing.svgz?cq=50&cpy=Center"/><img alt="A majority of consumers look specifically for companies that have a reputation for protecting data." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a4-story-spacing.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="dark" data-module-background="deep-blue" data-module-category="" class="StoryContainer_mck-c-story-container__item__YhXnX"><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-col-md-12 StoryContainer_mck-c-story-container__content-item__fg74z"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-md StoryContainer_mck-c-story-container__content-text__DEQ4O StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-4"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline"><div><p><strong>And a substantial proportion of respondents will take their business elsewhere</strong> if trust is violated: forty percent of all respondents report that they have pulled their business from a company after learning that the company was not protective of its customers’ data. This rate increases among frequent online shoppers, B2B purchasers, and Gen Z respondents. In the past year alone, 14 percent of all respondents stopped doing business with a company because they disagreed with its ethical principles, and 10 percent did so because they learned of a data breach, even when they didn’t know if their own data had been stolen.</p> <p><strong><a href="/~/media/mckinsey/business functions/quantumblack/our insights/why digital trust truly matters/infographic-why-digital-trust-truly-matters.pdf">Download the full infographic.</a></strong></p></div></div></div><div class="StoryContainer_mck-c-story-container__content-media__o8N4Z StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-8"><div class=""><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a5-story-spacing.svgz?cq=50&cpy=Center"/><img alt="Many consumers report that they’ve stopped buying from a company when it violated digital trust." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-a5-story-spacing.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div></div></div></div></div> <h3>Consumers believe that companies establish a moderate degree of digital trust</h3> <p>When it comes to how organizations are performing on digital trust, consumers express a surprisingly high degree of confidence in AI-powered products and services compared with products that rely mostly on humans. They exhibit a more moderate level of confidence that the companies they do business with are protecting their data. For organizations, this suggests that digital trust is largely theirs to lose.</p> <p>More than two-thirds of consumers say that they trust products or services that rely mostly on AI the same as, or more than, products that rely mostly on people (Exhibit 1). The most frequent online shoppers, consumers in Asia–Pacific, and Gen Z respondents globally express the most faith in AI-powered products and services, frequently reporting that they trust products relying on AI <em>more than</em> those relying largely on people—41 percent, 49 percent, and 44 percent, respectively.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 1</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex1-js-shrunk-timed-v2.gif"/><img alt="Few respondents report that their organizations are mitigating digital risks." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex1-js-shrunk-timed-v2.gif" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_2734c4f" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--default___f-hQM_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f mdc-c-icon--size-xxl___cL3ZT_2734c4f mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>Where consumer digital hygiene could use a cleanup</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body"><p>Much like businesses, a majority of consumers believe that they are taking the appropriate steps to protect themselves from digital threats, yet their behavior suggests otherwise. This presents organizations with the opportunity to engage with their customers to help them better help themselves.</p> <p>Seventy-seven percent of consumers say that they have at least a moderate degree of confidence that they are adequately protecting their personal information from being stolen or misused online.</p> <p>Younger consumers are particularly likely to report high confidence in their ability to secure their data—while being more likely to engage in risky behaviors than protective ones. They are also more likely than other generations to store sensitive information online (exhibit).</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-exsidebar.svgz?cq=50&cpy=Center"/><img alt="People are more likely to engage in risky online behaviors than protective ones. " src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-exsidebar.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div></div></div></div></div></div></div> <p>However, these survey results could be influenced, at least in part, by the fact that consumers may not always understand when they are interacting with AI. Although home voice-assisted devices (for example, Amazon’s Alexa, Apple’s Siri, or Google Home) frequently use AI systems, only 62 percent of respondents say that it is likely that they are interacting with AI when they ask one of these devices to play a song.</p> <p>While 59 percent of consumers think that, in general, companies care more about profiting from their data than protecting it, most respondents have confidence in the companies <em>they choose</em> to do business with. Seventy percent of consumers express at least a moderate degree of confidence that the companies they buy products and services from are protecting their data.</p> <p>And the data suggest that a majority of consumers believe that the businesses they interact with are being transparent—at least about their AI and data privacy policies. Sixty-seven percent of consumers have confidence in their ability to find information about company data privacy policies, and a smaller majority, 54 percent, are confident that they can surface company AI policies.</p> <h3>Most businesses are failing to protect against digital risks</h3> <p>Our research shows that companies have an abundance of confidence in their ability to establish digital trust. Nearly 90 percent believe that they are at least somewhat effective at mitigating digital risks, and a similar proportion report that they are taking a proactive approach to risk mitigation (for example, employing controls to prevent exploitation of a digital vulnerability rather than reacting only after the vulnerability has been exploited). Of the nearly three-quarters of companies reporting that they have codified policies on data ethics conduct (meaning those that detail, for example, how to handle sensitive data and provide transparency on data collection practices beyond legally required disclosures) and the 60 percent with codified AI ethics policies, almost every respondent had at least a moderate degree of confidence that those policies are being followed by employees.</p> <p>However, the data show that this assuredness is largely unfounded. Less than a quarter of executives report that their organizations are actively mitigating a variety of digital risks across most of their organizations, such as those posed by AI models, data retention and quality, and lack of talent diversity. Cybersecurity risk was mitigated most often, though only by 41 percent of respondents’ organizations (Exhibit 2).</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 2</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex2-js-shrunk-timed.gif"/><img alt="More than half of executives reported a recent data breach or AI incident." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex2-js-shrunk-timed.gif" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Given this disconnection between assumption of coverage and lack thereof, it’s likely no surprise that 57 percent of executives report that their organizations suffered at least one material data breach in the past three years (Exhibit 3). Further, many of these breaches resulted in financial loss (42 percent of the time), customer attrition (38 percent), or other consequences.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 3</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex3-js-shrunk-timed-v2.gif"/><img alt="Companies most committed to digital trust are less likely to have suffered a recent data breach or AI incident." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex3-js-shrunk-timed-v2.gif" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>A similar 55 percent of executives experienced an incident in which active AI (for example, in use in an application) produced outputs that were biased, incorrect, or did not reflect the organization’s values. Only a little over half of these AI errors were publicized. These AI mishaps, too, frequently resulted in consequences, most often employees’ loss of confidence in using AI (38 percent of the time) and financial losses (37 percent).</p> <p>Advanced industries—including aerospace, advanced electronics, automotive and assembly, and semiconductors—reported both AI incidents and data breaches most often, with 71 percent and 65 percent reporting them, respectively. Business, legal, and professional services reported material AI malfunctions least often (49 percent), and telecom, media, and tech companies reported data breaches least often (55 percent). By region, AI and data incidents were reported most by respondents at organizations in Asia–Pacific (64 percent) and least by those in North America (41 percent reported data breaches, and 35 percent reported AI incidents).</p>  <a id="a2-anchor"></a> <br/>  <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-md-center Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v11-datapoint2-rj-shrunk-timed.gif"/><img alt="Digital trust leaders are 1.6x more likely than the global average to see revenue and EBIT growth rates of at least 10%" src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v11-datapoint2-rj-shrunk-timed.gif" loading="lazy"/></picture><div class="mck-u-sr-only">Digital trust leaders are 1.6x more likely than the global average to see revenue and EBIT growth rates of at least 10%</div></div> <p><span class="lead">The survey results suggest that delivering on digital trust could provide significant benefits beyond satisfying consumer expectations. Leaders in digital trust are more likely to see revenue and EBIT growth of at least 10 percent annually.</span></p> <h3>Digital-trust leaders lose less and grow more</h3> <p>Digital-trust leaders are defined as those companies with employees who follow codified data, AI, and general ethics policies and that engage in at least half of the best practices for AI, data, and cybersecurity that we asked about. These companies are outperforming their peers both in loss prevention and business growth.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-edge-to-edge StoryContainer_mck-c-story-container__TLkZC mck-c-module-wrapper"><div data-component="mdc-c-module-wrapper" data-module-theme="dark" data-module-background="deep-blue" data-module-category="" class="StoryContainer_mck-c-story-container__item__YhXnX"><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-col-md-12 StoryContainer_mck-c-story-container__content-item__fg74z"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-md StoryContainer_mck-c-story-container__content-text__DEQ4O StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-4"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline"><div><p><strong><em>Loss prevention.</em></strong> The companies doing the most to establish digital trust are less likely to have experienced a negative AI incident in the past three years. Forty percent of digital-trust leaders experienced an adverse event in the past three years versus 53 percent of all other institutions. Leaders in digital trust are also less likely to have suffered a data breach, though the difference is less stark: 49 percent versus 57 percent of all others.</p></div></div></div><div class="StoryContainer_mck-c-story-container__content-media__o8N4Z StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-8"><div class=""><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-ex4-story-spacing.svgz?cq=50&cpy=Center"/><img alt="Companies most committed to digital trust are less likely to have suffered a recent data breach or AI incident." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-ex4-story-spacing.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="dark" data-module-background="deep-blue" data-module-category="" class="StoryContainer_mck-c-story-container__item__YhXnX"><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-col-md-12 StoryContainer_mck-c-story-container__content-item__fg74z"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-md StoryContainer_mck-c-story-container__content-text__DEQ4O StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-4"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline"><div><p><strong><em>Growth.</em></strong> Digital-trust leaders are 1.6 times more likely than the global average to see revenue and EBIT growth rates of at least 10 percent. In fact, with every step of progress a company makes toward establishing robust digital trust, we see a correlative increase in the likelihood that a company reports these higher revenue and EBIT growth rates. For example, simply codifying ethical conduct, rather than not doing so, is commensurate with higher growth. Making a further commitment to digital trust by incorporating these policies into mission statements correlates with still higher propensities for better growth. And adding in specific best practices in cybersecurity, data protection, and the provision of trustworthy AI increases the likelihood of higher growth further still, with more practices leading to more likelihood for such growth.</p></div></div></div><div class="StoryContainer_mck-c-story-container__content-media__o8N4Z StoryContainer_mck-c-story-container__container-sticky__EK8hB StoryContainer_mck-c-story-container__container-sticky--extra-spacing__uDmVE mdc-u-grid-col-md-span-8"><div class=""><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-ex5-story-spacing.svgz?cq=50&cpy=Center"/><img alt="The more committed a company is to establishing digital trust, the more likely it is to have a high growth rate." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/svgz-digitaltrust-ex5-story-spacing.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div></div></div></div></div> <h3>What digital-trust leaders do differently</h3> <p>A look at the practices of digital-trust leaders shows that their success starts with goal setting. First, they simply set more goals—leaders in digital trust set twice as many goals for trust building (six) than all other organizations. They are also more likely to focus on value-driving goals—particularly, strengthening existing customer relationships and acquiring new customers by building trust and developing competitive advantage through faster recovery from industry-wide disruptions (Exhibit 4).</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 4</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex6-js-shrunk-timed-v3.gif"/><img alt="For digital-trust leaders, success starts with goal setting." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex6-js-shrunk-timed-v3.gif" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>As digital-trust leaders pursue these goals, they are more likely to mitigate every single digital risk we asked about, from the most obvious, such as cybersecurity, to the less so, such as those associated with cloud configuration and migration (Exhibit 5).</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 5</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex7-js-shrunk-timed-v2.gif"/><img alt="Digital-trust leaders are often twice as likely to mitigate a variety of digital risks." src="/~/media/mckinsey/business%20functions/quantumblack/our%20insights/why%20digital%20trust%20truly%20matters/animated%20gifs/pub-digitaltrust-v12-ex7-js-shrunk-timed-v2.gif" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>And while, by definition, digital-trust leaders engage in at least half of all the AI, data, and cybersecurity practices we asked about, they are also about twice as likely to engage in any—and every—single one (Exhibit 6).</p>   <a id="research-anchor"></a> <br/> <h2>About the research</h2> <p>The data for this article were obtained through two global online surveys: one answered by business leaders, the other by consumers. Both were conducted from April to May 2022. The business leader survey included responses from 1,333 senior business executives (one-third of whom were CEOs) across 27 industries in 20 countries, including Australia, Brazil, Colombia, Germany, India, Indonesia, Pakistan, Singapore, Spain, the United Kingdom, and the United States. The consumer survey included responses from 3,073 adults from the same countries. The data were adjusted to better fit the survey sample to population estimates within each country using age and gender weights globally and, in the United States only, by weighting for region, income, and ethnicity.</p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-xs-12 mck-c-enhanced-author"><div class="mdc-u-grid-col-xs-start-2 mdc-u-grid-col-xs-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h2><div class="mdc-u-grid mdc-u-grid-col-xs-1 mdc-u-grid-col-md-2 mdc-u-grid-gutter-lg mdc-u-mt-5"><div class="mdc-u-grid mdc-u-grid-col-xs-12"><div class="mdc-u-grid-col-xs-span-4"><div data-component="mdc-c-avatar" class="mdc-c-avatar-enhanced-author-0 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class="EnhancedAuthor_mck-c-enhanced-author__title-location__Swv8a title-location">Senior Partner, London</span><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f mdc-u-mt-2 EnhancedAuthor_mck-c-enhanced-author__social-link-container__zAs9x mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="https://www.linkedin.com/in/katesmaje" class="mdc-c-link___lBbY1_2734c4f mdc-c-link--secondary___TSFam_2734c4f" aria-label="LinkedIn profile for Kate Smaje"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-linkedin-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f">LinkedIn</span></a><a data-component="mdc-c-link" href="Kate_Smaje@mckinsey.com" class="mdc-c-link___lBbY1_2734c4f mdc-c-link--secondary___TSFam_2734c4f" aria-label="Email to Kate Smaje"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f 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matters","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"960c207a-c1c2-499a-a6e3-b7f8c3045568","itemLanguage":"en","itemVersion":2,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"Why digital trust truly matters"}},"sEOTitle":{"value":"Digital trust: Why it matters for businesses"},"description":{"jsonValue":{"value":"Consumer faith in cybersecurity, data privacy, and responsible AI hinges on what companies do today\u0026mdash;and establishing this digital trust just might lead to business growth."}},"sEODescription":{"value":"Digital trust not only meets consumer expectations, but also connects to business growth."},"displayDate":{"jsonValue":{"value":"2022-09-12T00:00:00Z"}},"body":{"value":"[[Audio 1]] [[DownloadsSidebar]]\n\u003cp\u003e\u003cstrong\u003eThe results of our survey\u003c/strong\u003e of more than 1,300 business leaders and 3,000 consumers globally suggest that establishing trust in products and experiences that leverage AI, digital technologies, and data not only meets consumer expectations but also could promote growth. The research indicates that organizations that are best positioned to build digital trust are also more likely than others to see annual growth rates of at least 10 percent on their top and bottom lines. However, only a small contingent of companies surveyed are set to deliver. The research suggests what these companies are doing differently.\u003c/p\u003e\n\u003ca id=\"a1-anchor\"\u003e\u003c/a\u003e\n\u003cbr /\u003e\n[[ceros a1]]\n[[Image gif1]]\n\u003cp\u003e\u003cspan class=\"lead\"\u003eA majority of consumers believe that the companies they do business with provide the foundational elements of digital trust, which we define as confidence in an organization to protect consumer data, enact effective cybersecurity, offer trustworthy AI-powered products and services, and provide transparency around AI and data usage. However, most companies aren\u0026rsquo;t putting themselves in a position to live up to consumers\u0026rsquo; expectations.\u003c/span\u003e\u003c/p\u003e\n\u003ch3\u003eConsumers value digital trust\u003c/h3\u003e\n\u003cp\u003eConsumers report that digital trust truly matters\u0026mdash;and many will take their business elsewhere when companies don\u0026rsquo;t deliver it.\u003c/p\u003e\n[[Story 1]]\n\u003ch3\u003eConsumers believe that companies establish a moderate degree of digital trust\u003c/h3\u003e\n\u003cp\u003eWhen it comes to how organizations are performing on digital trust, consumers express a surprisingly high degree of confidence in AI-powered products and services compared with products that rely mostly on humans. They exhibit a more moderate level of confidence that the companies they do business with are protecting their data. For organizations, this suggests that digital trust is largely theirs to lose.\u003c/p\u003e\n\u003cp\u003eMore than two-thirds of consumers say that they trust products or services that rely mostly on AI the same as, or more than, products that rely mostly on people (Exhibit 1). The most frequent online shoppers, consumers in Asia\u0026ndash;Pacific, and Gen Z respondents globally express the most faith in AI-powered products and services, frequently reporting that they trust products relying on AI \u003cem\u003emore than\u003c/em\u003e those relying largely on people\u0026mdash;41\u0026nbsp;percent, 49 percent, and 44 percent, respectively.\u003c/p\u003e\n[[Exhibit 1]]\n[[Sidebar 1]]\n\u003cp\u003eHowever, these survey results could be influenced, at least in part, by the fact that consumers may not always understand when they are interacting with AI. Although home voice-assisted devices (for example, Amazon\u0026rsquo;s Alexa, Apple\u0026rsquo;s Siri, or Google Home) frequently use AI systems, only 62 percent of respondents say that it is likely that they are interacting with AI when they ask one of these devices to play a song.\u003c/p\u003e\n\u003cp\u003eWhile 59 percent of consumers think that, in general, companies care more about profiting from their data than protecting it, most respondents have confidence in the companies \u003cem\u003ethey choose\u003c/em\u003e to do business with. Seventy percent of consumers express at least a moderate degree of confidence that the companies they buy products and services from are protecting their data.\u003c/p\u003e\n\u003cp\u003eAnd the data suggest that a majority of consumers believe that the businesses they interact with are being transparent\u0026mdash;at least about their AI and data privacy policies. Sixty-seven percent of consumers have confidence in their ability to find information about company data privacy policies, and a smaller majority, 54\u0026nbsp;percent, are confident that they can surface company AI policies.\u003c/p\u003e\n\u003ch3\u003eMost businesses are failing to protect against digital risks\u003c/h3\u003e\n\u003cp\u003eOur research shows that companies have an abundance of confidence in their ability to establish digital trust. Nearly 90 percent believe that they are at least somewhat effective at mitigating digital risks, and a similar proportion report that they are taking a proactive approach to risk mitigation (for example, employing controls to prevent exploitation of a digital vulnerability rather than reacting only after the vulnerability has been exploited). Of the nearly three-quarters of companies reporting that they have codified policies on data ethics conduct (meaning those that detail, for example, how to handle sensitive data and provide transparency on data collection practices beyond legally required disclosures) and the 60 percent with codified AI ethics policies, almost every respondent had at least a moderate degree of confidence that those policies are being followed by employees.\u003c/p\u003e\n\u003cp\u003eHowever, the data show that this assuredness is largely unfounded. Less than a quarter of executives report that their organizations are actively mitigating a variety of digital risks across most of their organizations, such as those posed by AI models, data retention and quality, and lack of talent diversity. Cybersecurity risk was mitigated most often, though only by 41 percent of respondents\u0026rsquo; organizations (Exhibit 2).\u003c/p\u003e\n[[Exhibit 2]]\n\u003cp\u003eGiven this disconnection between assumption of coverage and lack thereof, it\u0026rsquo;s likely no surprise that 57\u0026nbsp;percent of executives report that their organizations suffered at least one material data breach in the past three years (Exhibit 3). Further, many of these breaches resulted in financial loss (42 percent of the time), customer attrition (38 percent), or other consequences.\u003c/p\u003e\n[[Exhibit 3]]\n\u003cp\u003eA similar 55 percent of executives experienced an incident in which active AI (for example, in use in an application) produced outputs that were biased, incorrect, or did not reflect the organization\u0026rsquo;s values. Only a little over half of these AI errors were publicized. These AI mishaps, too, frequently resulted in consequences, most often employees\u0026rsquo; loss of confidence in using AI (38 percent of the time) and financial losses (37 percent).\u003c/p\u003e\n\u003cp\u003eAdvanced industries\u0026mdash;including aerospace, advanced electronics, automotive and assembly, and semiconductors\u0026mdash;reported both AI incidents and data breaches most often, with 71 percent and 65 percent reporting them, respectively. Business, legal, and professional services reported material AI malfunctions least often (49 percent), and telecom, media, and tech companies reported data breaches least often (55\u0026nbsp;percent). By region, AI and data incidents were reported most by respondents at organizations in Asia\u0026ndash;Pacific (64 percent) and least by those in North America (41 percent reported data breaches, and 35 percent reported AI incidents).\u003c/p\u003e\n[[ceros liz]]\n\u003ca id=\"a2-anchor\"\u003e\u003c/a\u003e\n\u003cbr /\u003e\n[[ceros a2]]\n[[Image gif2]]\n\u003cp\u003e\u003cspan class=\"lead\"\u003eThe survey results suggest that delivering on digital trust could provide significant benefits beyond satisfying consumer expectations. Leaders in digital trust are more likely to see revenue and EBIT growth of at least 10 percent annually.\u003c/span\u003e\u003c/p\u003e\n\u003ch3\u003eDigital-trust leaders lose less and grow more\u003c/h3\u003e\n\u003cp\u003eDigital-trust leaders are defined as those companies with employees who follow codified data, AI, and general ethics policies and that engage in at least half of the best practices for AI, data, and cybersecurity that we asked about. These companies are outperforming their peers both in loss prevention and business growth.\u003c/p\u003e\n[[Story 2]]\n\u003ch3\u003eWhat digital-trust leaders do differently\u003c/h3\u003e\n\u003cp\u003eA look at the practices of digital-trust leaders shows that their success starts with goal setting. First, they simply set more goals\u0026mdash;leaders in digital trust set twice as many goals for trust building (six) than all other organizations. They are also more likely to focus on value-driving goals\u0026mdash;particularly, strengthening existing customer relationships and acquiring new customers by building trust and developing competitive advantage through faster recovery from industry-wide disruptions (Exhibit 4).\u003c/p\u003e\n[[Exhibit 6]]\n\u003cp\u003eAs digital-trust leaders pursue these goals, they are more likely to mitigate every single digital risk we asked about, from the most obvious, such as cybersecurity, to the less so, such as those associated with cloud configuration and migration (Exhibit 5).\u003c/p\u003e\n[[Exhibit 7]]\n\u003cp\u003eAnd while, by definition, digital-trust leaders engage in at least half of all the AI, data, and cybersecurity practices we asked about, they are also about twice as likely to engage in any\u0026mdash;and every\u0026mdash;single one (Exhibit 6).\u003c/p\u003e\n[[Ceros 8]]\n[[ceros jim]]\n\u003ca id=\"research-anchor\"\u003e\u003c/a\u003e\n\u003cbr /\u003e\n\u003ch2\u003eAbout the research\u003c/h2\u003e\n\u003cp\u003eThe data for this article were obtained through two global online surveys: one answered by business leaders, the other by consumers. Both were conducted from April to May 2022. The business leader survey included responses from 1,333 senior business executives (one-third of whom were CEOs) across 27 industries in 20 countries, including Australia, Brazil, Colombia, Germany, India, Indonesia, Pakistan, Singapore, Spain, the United Kingdom, and the United States. The consumer survey included responses from 3,073 adults from the same countries. The data were adjusted to better fit the survey sample to population estimates within each country using age and gender weights globally and, in the United States only, by weighting for region, income, and ethnicity.\u003c/p\u003e"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Survey"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":null},"externalPublication":{"value":""},"mobileReady":{"boolValue":true},"forClientsOnly":{"boolValue":false},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2022-09-12T00:00:00Z"}},"footnotes":{"value":""},"contributoryPractice":{"targetItems":[{"displayName":"QuantumBlack, AI by McKinsey"}]},"aboutTheAuthors":{"value":"\u003cp\u003eThe survey content and analysis were developed by \u003cstrong\u003e\u003ca href=\"/our-people/jim-boehm\"\u003eJim Boehm\u003c/a\u003e\u003c/strong\u003e, a partner in McKinsey\u0026rsquo;s Washington, DC, office; \u003cstrong\u003e\u003ca href=\"/our-people/liz-grennan\"\u003eLiz Grennan\u003c/a\u003e\u003c/strong\u003e, an associate partner in the Stamford, Connecticut, office; \u003ca href=\"/our-people/alex-singla\"\u003e\u003cstrong\u003eAlex Singla\u003c/strong\u003e\u003c/a\u003e, a senior partner in the Chicago office; and \u003cstrong\u003e\u003ca href=\"/our-people/kate-smaje\"\u003eKate Smaje\u003c/a\u003e\u003c/strong\u003e, a senior partner in the London office.\u003c/p\u003e"},"authors":{"targetItems":[{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"A267D2F0C7A3400B8E25B152E9C66629","name":"Jim Boehm","authorTitle":{"value":"Jim Boehm"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/jim boehm/jim-boehm_profile_1536x1152.jpg","alt":"Jim Boehm"},"emailLinks":{"value":""},"linkedInUrl":{"value":"https://www.linkedin.com/in/jim-boehm/"},"description":{"value":"Technology risk expert with a deep spike in enterprise cybersecurity, serving mainly financial services institutions"},"locations":{"targetItems":[{"name":"London","displayName":"London"}]},"firmTitle":{"value":"Partner"},"thumbnailImage":{"alt":"Jim Boehm","src":"/~/media/mckinsey/our people/jim boehm/jim-boehm_headshot_988x741.jpg"},"url":{"path":"/our-people/jim-boehm"}}]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"651AE9E977534419B76F9C4FDB9EF45D","name":"Liz Grennan","authorTitle":{"value":"Liz Grennan"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/liz grennan/liz-grennan_1536x1152.jpg","alt":"Liz Grennan"},"emailLinks":{"value":"Liz_Grennan@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/elizabeth-grennan/"},"description":{"value":"Works with organizations on digital trust topics; 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This presents organizations with the opportunity to engage with their customers to help them better help themselves.\u003c/p\u003e\n\u003cp\u003eSeventy-seven percent of consumers say that they have at least a moderate degree of confidence that they are adequately protecting their personal information from being stolen or misused online.\u003c/p\u003e\n\u003cp\u003eYounger consumers are particularly likely to report high confidence in their ability to secure their data\u0026mdash;while being more likely to engage in risky behaviors than protective ones. 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