According to a recent survey by Deloitte, executives recognize the significant risks of operating without ethical tech standards, particularly when it comes to their people. The Ethics & Trust in Technology Survey reveals that while tech ethics are top of mind for most enterprise executives, organizations struggle with alignment on who should be responsible for developing standards.
Despite these challenges, leaders surveyed prioritize tech ethics within their organizations and see a role for other departments to play in decision-making. About 75% of C-Level executives surveyed say that tech ethics are extremely important to their organization.
The report also highlights the need for collaboration in developing ethical standards for emerging technology, with 69% of executives believing that the federal government should be involved.
Overall, the survey underscores the importance of ethical tech standards and the potential negative impacts of operating without them. Stay informed and stay ahead of the curve by checking out the full report, available on May 18 at 5 a.m. Pacific time.
Deloitte, a major international business advisory division, is warning that organizations who do not adopt ethical standards in their use of technology are at risk of potential losses of up to $100 billion a year, executives said in an interview with the Financial Times.
According to the Deloitte interview, unethical use of technology has become increasingly prevalent in the business world, with a lack of adequate regulation, as well as a lack of general awareness about the risks involved. The firm claims that while technology can provide “incredible opportunities for businesses to increase their competitive advantage,” its misuse may lead to considerable financial losses and damage to a company’s reputation.
Deloitte executives argued that organizations have a duty to consider the safety and privacy of their customers and other stakeholders. They went on to say that companies should “develop processes and procedures to ensure ethical practices are taken into account”.
The risk of unethical tech use is felt particularly strongly in the financial sector. Aside from the risks associated with financial losses, organizations can face hefty fines and sanctions if they breach regulatory laws and regulations. Deloitte believes that larger organizations should be held accountable for setting and adhering to high ethical standards, but that smaller entities should also do their part by ensuring that their technology is compliant with industry standards.
In conclusion, Deloitte believes that organizations should actively seek out strategies and solutions which help them to protect themselves against potential ethical and legal violations in the use of technology. Moreover, executives asserted that measures should also be taken to ensure customer data remains safe and secure, and that employees can be educated and trained in the ethical use of technology.
