Trust in Tech Companies Reduced to an Alarming Low Across the Globe!

As per a recent report published by Edelman Trust Barometer, Trust in Tech companies witnessed a massive drop throughout 28 countries. Aside from Entertainment, the trust drop in the Technology sector was the largest across all industries.

Around 34,000 people from 28 countries were surveyed for this study. A considerable mistrust was found in all 4 key sectors of society i.e. business, government, media and non-governmental organizations.

Speaking about the Edelman Trust Barometer, it is commissioned by a well-established PR company that goes by the name “Edelman”. Edelman Trust Barometer has been going strong for 20 years now. The company base the survey results to assist with offering services related to “Trust Management” to credible clients.

Although the tech sector encountered a significant trust drop, it is still listed as the most trusted. Financial services have been listed at the bottom, signifying an incomparable level of mistrust among the surveyed party. It’s interesting to note that except for technology, all other sectors have managed to show an increase in trust over the last 8 years… and that includes financial services.

Technology needs to be controlled and the government is frequently late in regulating advancing technologies due to not comprehending them properly, as per over 61% of the respondents who are concerned about their jobs.

As for the global mistrust, it has been mainly caused due to misinformation, fake news and technologies permitting deep fakes.

As per Edelman, income inequality has become a vital issue for the first time in the last 2 decades. According to 56% of the respondents, this concern is a major part why it is believed that the capitalist system isn’t working for the greater good of the masses.

The survey discovered that since the business sector is equipped with the required resources, it is in the best position to battle fake news and misinformation. However, the concerned sector needs to mend its ethics first, before it can take on the mistrust developed over time across several countries.

Edelman’s Trust Management Services group has taught a lot to the PR company as well, with the main lesson being that whether people would trust a certain business or not depends mainly on its ethical behavior. Customers and employees prefer Ethics over Competence while making up their minds regarding a credible industry.

Read next: Global Tech Consultancy Urges Companies to Protect User Privacy or Face the Consequences
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