Bringing Trust to the Digital World

#AskTheCEO Podcast

Kai Hermsen is the Global Coordinator for the Charter of Trust with Siemens, where together with his team in the Central Cybersecurity department, he ensures internal implementation of the Charter of Trust and is driving Siemens external Cybersecurity engagements with Charter of Trust partners and stakeholders like the World Economic Forum. Contact Kai: Twitter: @HermsenKai LinkedIn: https://www.linkedin.com/in/kaihermsen Contact Avrohom: Web: https://asktheceo.biz Facebook: AvrohomGottheil Twitter: @avrohomg Instagram: @avrohomg INTERVIEW HIGHLIGHTS: [00:41] Can you briefly summarize what is the Charter of Trust and where is it being used today? [01:04] The Charter of Trust was founded as an initiative among companies that wanted to make an impact in the world of cybersecurity. [01:49] Get away from the siloed mentality and work together to solve problems. [02:33] 2020 has seen headlines dominated by cybersecurity. We’ve had data breaches in all sectors, by prominent brands, such as Microsoft, Facebook, Twitter, Honda, Zoom, Marriott, and so on. What’s worse is that hackers are shutting down hospitals with debilitating ransomware! The thing is, that many data breaches are caused, not by ineffective firewalls or cybersecurity protocols, but through human weaknesses that were exploited via social engineering activities, such as phishing. And before anyone passes judgment on the people that fall for these tricks, I myself have seen many of these emails, and they look pretty convincing. How can businesses better protect their consumers, and themselves, from these types of attacks? [04:01] 2020 has taught us two important lessons in cybersecurity: (a) Cyber threats are real, and if you don’t protect yourself, you’re putting yourself at risk. (b) What happens online has an impact on the real world. [04:37] Humans are the weakest link in cybersecurity. How can we turn that around and make it into a strength? [04:59] Just like humans are the weakest link in cybersecurity, they’re also your front-line protection. [05:13] Cyber security has the power to safeguard our digital business models and make them sustainable. [08:16] Identity theft has become a business, and that’s why cyber literacy is so important. [09:07] Let’s look at the same challenge from the perspective of the consumer. According to a market analysis by Digital Commerce 360, US eCommerce sales in Q3 of 2020 was 37.1% higher than the same period in the previous year. This shows that people are doing more online digital transactions than ever before. This type of activity requires a massive amount of trust. Unfortunately, you can’t trust everyone, and even the most trustworthy companies are vulnerable to phishing attacks like we discussed earlier. What kind of protection can we put in place to be able to sustain this kind of growth? [11:45] Trust is not just about security. It’s principled behavior in all of digital. [14:00] What protections are there for consumers to shop online and be protected from identity theft? [16:42] Self-sovereign identities give the consumer the power to grant identities when they go online. It’s like having a virtual identity. [18:34] What do you think is the next step for Siemens regarding the Charter of Trust? [20:59] How can people connect with you? Kai: The best way to reach me is via LinkedIn at https://www.linkedin.com/in/kaihermsen/. I’m also available on Twitter at @HermsenKai. [21:33] Do you have any parting words of wisdom to share with the audience? [21:39] The virtual world and the real world are completely interchangeable. Watch this episode on YouTube: https://youtu.be/wchY963rIaA