5-minute read
This is the second article in a five-part series covering cybersecurity leadership hiring and organizational structure.
3 takeaways
- Trust is a competitive advantage
Trust is more important than ever in today’s business world. A Chief Trust Officer helps companies protect that trust by ensuring their partners that cyber security, data privacy, and compliance is handled transparently. - A chief trust officer is key for regulated industries
Companies dealing with sensitive data, and those who operate in or sell into tightly regulated fields can benefit from the added breadth a Chief Trust Officer provides. - The right candidate needs a mix of traits
Chief Trust Officers are more than just an infosec leader. The right person should have a mix of technical security knowledge, depth in privacy and compliance, strong communication skills, and business acumen.
Right now, trust is everything. Companies are realizing that to succeed, they need to build and maintain trust with their customers, employees, and partners. This growing focus has led to the rise of a new executive position: the Chief Trust Officer.
At Riviera Partners, we’ve helped companies of all sizes—startups to Fortune 500 firms—find technology leaders who can guide them through today’s challenges. We’ve seen firsthand how the Chief Trust Officer role is becoming a game-changer in industries where data privacy, security, and ethical leadership matter most.
So, with a little help from Sean Cleary, head of Riviera Partners Cybersecurity Executive Search practice, we detail what exactly a Chief Trust Officer does so you can answer the important question, “does my company need one?”
Why a Chief Trust Officer could be critical to your organization
- Building and maintaining trust with stakeholders
In today’s world, where news travels fast, one wrong move can ruin a company’s reputation. That’s why having someone dedicated to building and protecting trust is crucial. A Chief Trust Officer oversees the entirety of your trust posture across the organization, both technical and non-technical.
According to the 2023 Edelman Trust Barometer, 88% of consumers say trust influences their buying decisions. On top of that, 81% of investors say they prioritize trust in a company just as much as they do its financial performance. Trust is no longer just a “nice-to-have”—it’s a major factor in customer loyalty and business success.
In industries like finance, healthcare, and technology, where companies handle sensitive customer data, a data breach or ethical misstep can be devastating. PwC’s 2022 Consumer Intelligence Series shows that 48% of consumers stop buying from a company if their personal data is mishandled. With strict data privacy laws like the GDPR and CCPA, a Chief Trust Officer becomes essential in protecting both the company and its customers.
Notable companies hiring Chief Trust Officers
Big names are already getting on board. Salesforce was one of the originators of the Chief Trust Officer model to reinforce their focus on data privacy and customer trust. DocuSign, a leader in secure digital transactions, also brought on a Chief Trust Officer to ensure clients’ sensitive data stays safe. Zendesk recently hired Vinay Patel as their first-ever Chief Trust Officer to improve transparency and security across their global operations.
- Trust as a competitive advantage
Consumers today don’t just care about price—they care about whether they can trust the brands they’re buying from. In fact, Salesforce’s research shows 74% of customers think it’s more important now than ever for companies to be honest and transparent.
According to the Edelman Trust Barometer, 67% of consumers say that while a strong reputation might get them to try a product, they’ll only stay loyal to brands they trust. This is where a Chief Trust Officer comes in—they make sure trust isn’t just a buzzword, but something built into the company’s DNA. By overseeing cybersecurity, legal compliance, corporate governance, and customer relationships, a Chief Trust Officer helps the company stand out as one that truly values trust.
- Crisis management and reputation recovery
Every company will face a crisis at some point—whether it’s a data breach, a legal issue, or a PR disaster. The difference between recovering or losing credibility often comes down to trust. 74% of executives in a Deloitte report said that strong relationships and trust were key to bouncing back from a crisis.
A good Chief Trust Officer knows how to prevent these issues from happening and how to handle them if they do. They work proactively to reduce risks and help the company respond in ways that maintain or even rebuild trust.
When is it time to hire a Chief Trust Officer?
Not every company needs a Chief Trust Officer right away, but for some, it’s becoming a must-have role. Here’s how to know if it’s time to bring one on board:
- High stakes in data privacy and security
If your business handles large amounts of customer data or operates in a tightly regulated industry like healthcare, finance, or technology, you probably need a CTO. According to IBM’s 2023 Cost of a Data Breach Report, the average cost of a breach is $4.45 million. For industries like healthcare, that number can be even higher. A Chief Trust Officer helps ensure compliance with data protection laws and keeps your company’s data safe.
- Complex regulatory environment
Operating in multiple regions means navigating different sets of regulations, especially when it comes to data privacy. By 2024, Gartner estimates that 65% of the world’s population will have their personal data covered by privacy regulations. A Chief Trust Officer helps manage these complex rules, so your company stays compliant across the board.
- Rapid growth or industry scrutiny
If your company is expanding quickly or operates in an industry under public scrutiny, it’s time to think about hiring a Chief Trust Officer. They’ll ensure that corporate transparency and ethical practices stay at the forefront, even as your company grows.
What to look for when hiring a Chief Trust Officer
When it comes time to hire a Chief Trust Officer, you want someone who has the right mix of skills and experience. Here’s what to look for:
- Legal and compliance expertise
Your CTO needs a strong background in data privacy laws, risk management, and corporate governance. This will help them navigate the complicated world of regulations and protect your company from legal risks.
- A strategic mindset
A Chief Trust Officer isn’t just about crisis management—they need to be able to integrate trust-building initiatives into your company’s overall business strategy.
- Technical acumen
Your Chief Trust Officer will own product and corporate security at a minimum. They sometimes own platform engineering, DevOps, and trust and privacy engineering. A strong technical foundation is imperative for success in this role.
- Leadership
A CTO must be able to lead and inspire across departments, ensuring that ethical standards and trust-building efforts are woven into the company’s culture.
As businesses become more data-driven and customers expect more transparency, the role of the Chief Trust Officer is only going to become more important. Companies like Salesforce, DocuSign, and Airbnb have already recognized this by hiring Chief Trust Officers to prioritize trust in their organizations.
If your company is scaling quickly, deals with sensitive data, or operates in a heavily regulated industry, it might be time to add a Chief Trust Officer to your leadership team. Not only can the right Chief Trust Officer protect your company from risks, but they can also turn trust into one of your greatest competitive advantages.
About Riviera Partners
Riviera Partners is a global driver of innovation for today’s most influential companies – expertly placing executive talent in the crucial areas of IT, software engineering, product management, security, AI/ML/Data, and design. Riviera combines over two decades of recruiting expertise with a proprietary platform that uses machine learning to score and predict the best candidate for a company’s specific needs, driving successful outcomes. As a result, the company has become the go-to talent partner for leading private equity investors, venture capitalists, public companies and technology innovators.
