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Intensifying systemic risks
https://www.bloomberg.com/news/sponsors/zurich/intensifying-systemic-risks-are-a-growing-threat-to-global-progress/?adv=6712&prx_t=ZnQDAAAAAAFEANAThis decline in trust has real consequences. As Edelman noted, the ruling parties or heads of state in five of the world’s 10 largest economies have been removed from office since the middle of 2016 and rising populism is fueling nationalism and challenging global stability. Business are being effected by increasing protectionism with a recent study showing that the number of discriminatory trade measures introduced by G20 member states each year has more than tripled since 2012. [5]
Trust is now a critical commodity for businesses operating in the digital space. The more trusted a brand - the more data will be shared and the better services and products can be delivered. A recent PwC survey showed 88 percent of respondents tied their willingness to share personal information to how much they trusted the company in question. Separately, academic research has found that banks could experience declines of almost 24 percent in their own corporate reputation scores - and sales increasing by up to 3.4 percent or falling by up to 7.9 percent - due to events at a rival company. [6] Nowhere is this more visible to business than in building consensus around the implementation and regulation of the technologies that underpin what is being called the Fourth Industrial Revolution.
To put it simply, if trust is lost in the online environment, the 4IR will not reach its full potential.
Trust is now a critical commodity for businesses operating in the digital space. The more trusted a brand - the more data will be shared and the better services and products can be delivered. A recent PwC survey showed 88 percent of respondents tied their willingness to share personal information to how much they trusted the company in question. Separately, academic research has found that banks could experience declines of almost 24 percent in their own corporate reputation scores - and sales increasing by up to 3.4 percent or falling by up to 7.9 percent - due to events at a rival company. [6] Nowhere is this more visible to business than in building consensus around the implementation and regulation of the technologies that underpin what is being called the Fourth Industrial Revolution.
To put it simply, if trust is lost in the online environment, the 4IR will not reach its full potential.