In the past few years, the security industry has invested heavily in the detection and containment of attacks and breaches as a primary focus of innovation. To help protect Cisco, its customers, products, services and partners, we have embarked on a journey to build security and trust into every aspect of our business, including the culture of our workplace itself. The rapid evolution of the threat landscape has made this trust journey a necessity. Exploits are more frequent, better financed, more sophisticated and are causing more damage. Technology shifts like mobility and BYOD are the new normal and have resulted in more points of access for malware, resulting in a larger attack surface. In order to be more effective against the broad range of security threats, the industry must focus on foundational security being present in critical systems. By ensuring that trustworthiness is built into the technology, processes and policies involved in your IT systems, you can reduce risk and the attack surface while enabling more effective overall security.
“In our increasingly interconnected world, the Internet of Everything is making trust a critical element of how people use network-connected devices to work, play, live, and learn. The relentless rise in information security breaches underscores the deep need for enterprises to trust that their systems, data, business partners, customers, and citizens are safe.” – John N. Stewart, SVP and Chief Security and Trust Officer at Cisco
Trust and security is more important than ever before throughout the industry. Why aren’t customers explicitly demanding it be in all their IT systems? Why aren’t they demanding software developed with processes and technologies that drive security into all aspects of IT systems they buy? Why aren’t they demanding supply chain security and strong data protection? In short, why aren’t they demanding IT vendors produce more robust and secure solutions? Read More »
“Let the buyer beware” is a sentiment that dates back well before consumer protection and truth-in-advertising laws. Yet, the issue of trust continues to permeate all areas of society today. A few weeks ago, I wrote about the “trust cliff” that affects the amount of information consumers are willing to share with retailers in order to have more relevant interactions.
Now, a new Cisco study on retail banking in 12 countries reveals a different kind of trust problem: consumers are getting less value than they expect from their banks, and this “value gap” is impacting customer trust.
The global financial crisis of 2007-2008 greatly damaged consumer trust in financial institutions, and brand equity has fallen along with it. In 2009, one year after the financial crisis, the world’s top 500 brands saw the value of their brands drop by 32 percent. For many banks, their brand value has yet to recover from pre-crisis levels.
But the roots of distrust go deeper than that. Our study shows that there is a fundamental disconnect between banks and their customers, and many customers no longer look to their banks to help them meet their financial goals. In fact:
- 43 percent of customers say their bank doesn’t understand their needs
- One in four would choose another provider for their next account or service
- Only 40 percent of respondents worldwide turn to a financial professional for advice, and of these, 28 percent believe the advice is ineffective
Meanwhile, a growing cadre of disruptive “non-bank” innovators is exploiting this value gap between banks and their customers. They range from technology companies such as Apple and Google, to retailers such as Amazon.com and Tesco, to mobile and digital-only banking services, payment companies, and automated investment services. A surprising 80 percent of consumers surveyed said they would trust a non-bank for their banking services. In eight out of the 12 countries surveyed, more consumers would actually trust a non-bank than their own bank.
Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE, Museum of Lasts, trust, value gap
News has not been kind to US headquartered technology companies over the past year. From an erosion of faith because of a company’s geographic location, to a series of high profile breaches that are calling into question trust in your IT systems. Technology providers and governments have a vital role to play in rebuilding trust. And so do customers—who need to demand more from their technology providers.
In my recent trip to Europe, and speaking to some balanced, thoughtful, and concerned public officials, it got me thinking. Why do we trust the products we use? Is it because they work as advertised? Is it because the brand name is one we implicitly believe in for any number of reasons? Is it because the product was tested and passed the tests? Is it because everyone else is using it so it must be okay? Is it because when something goes wrong, the company that produced it fixes it? Is it because we asked how it was built, where it was built, and have proof?
That last question is the largest ingredient in product and service acquisition today, and that just has to change. Our customers are counting on us to do the right thing, and now we’re counting on them. It’s time for a market transition: where customers demand secure development lifecycles, testing, proof, a published remediation process, investment in product resilience, supply chain security, transparency, and ultimately – verifiable trustworthiness.
We saw some of this coming, and these are some of the principles I hear customers mention when they talk about what makes a trustworthy company and business partner. Starting in 2007, with a surge that began in 2009, we’ve systematically built these elements into our corporate strategy, very quietly, and now we want the dialogue to start.
I’m challenging customers to take the next step and require IT vendors to practice a secure development lifecycle, have a supply chain security program, and a public, verifiable vulnerability handling process.
I recently recorded the video blog above discussing what it means to be a trustworthy company. I hope you will share your thoughts and experiences in the comment section.
As Cisco’s chief marketing officer, an important part of my role is to build and maintain the trust of Cisco’s customers.In fact, “brand promise” ultimately relies upon the trust consumers have placed in a brand. Customers who are loyal to a brand will trust that the next product or service introduced under that brand will fulfill the brand promise. However, trust can also have more widespread impacts that affect an organization’s ability to compete and to provide the innovative customer experiences required in the Internet of Everything (IoE) era.
This week at the National Retail Federation’s “Big Show” in New York, Cisco released a new study that uncovered some unique insights about shopping behaviors and attitudes among U.S. and U.K. consumers in the digital age. The findings point to the need for retailers to provide “hyper-relevant” shopping experiences that deliver value to the consumer in real time throughout the shopping lifecycle. Hyper-relevance comes with the ability to dynamically compare real-time customer information with historical data, and the resulting insights allow retailers to improve operations and the customer experience. At stake, according to our research, is an estimated profit improvement of 15.6 percent for an illustrative $20 billion retailer that builds agile business processes for turning these insights into value.
Our research shows that consumers are looking for retailers to deliver hyper-relevance via three value proposition categories: efficiency, engagement, and savings. In the area of efficiency, for example, 77 percent of respondents said they would be “somewhat” or “very likely” to use a solution to optimize the checkout process. In terms of savings, 79 percent indicated a willingness to take advantage of in-store offers provided via digital signage, while 73 percent said they’d like to receive special offers through augmented-reality solutions. And, in the area of engagement, 57 percent indicated a desire to learn more about products in the store by using augmented-reality capabilities.
One of the points I found particularly interesting is that consumers are relatively willing to provide certain types of personal information to retailers—such as name, age, past purchasing history, interests, and hobbies—in order to get a more personally relevant shopping experience. But beyond this basic information, there is a “trust cliff,” a steep drop-off in willingness to share certain types of personal information. A significant 16 percent of respondents were not willing to share any personal information at all.
This trust cliff presents an interesting conundrum for retailers. On one hand, our study shows that customers want personalized and contextually relevant shopping experiences. But on the other hand, they are reluctant to share the very information that can help provide these “hyper-relevant” experiences.
Tags: analytics, Cisco, Cisco Consulting Services, connected retail, consumer, customer experience, digital, hyper-relevance, Internet of Everything, IoE, National Retail Federation, NRF, privacy, retail, shopping, smart retail, trust