Digitalization has been benefitting organizations with data-driven insights and increased productivity, including in the trade sector. However, the increasing reliance on technology and data-driven innovation in business and consumer activities has significantly increased the risks and costs brought by cyber threats. These risks are often perceived as an Information Technology (IT) issues rather than a business problem – linked to the lack of strategic mindset, policy preparedness, and institutional oversight on cybersecurity.

The US-ASEAN Business Council (US-ABC) is grateful for the opportunity to work with the ASEAN Consultative Committee on Standards and Quality (ACCSQ) and Digital Trade Standards and Conformance Working Group (DTSCWG) over the past year, to lay out the principles of digital trust as an imperative component to buttress the ASEAN’s digital trade ecosystem. We commended the important work of the ACCSQ and DTSCWG in streamlining trade processes through standards harmonization and reduction of technical barriers to advance ASEAN’s regional integration.

Cybersecurity is fundamental to digital trade; just as cyber threats undermine confidence in digital services. ASEAN needs to build digital trust and confidence in the digital ecosystem to facilitate several aspects of trade, including data use and electronic payments, among others. According to a two-year study conducted by the U.S. Department of Veteran Affairs and UL Solutions, standards, testing and certification enhance cybersecurity threat management and provide greater user confidence.1 This could be achieved through a common approach by developing international standards that build on collaborative processes among relevant stakeholders.