This report deals with the question of how to guarantee trust and privacy in order to power the digital economy. Although the world continues to embrace digitalization and digital solutions, trust in these solutions is decreasing, potentially limiting or even damaging the promise of the global digital economy. The report provides an outline of the value and the functioning of the digital economy, as well as requirements and considerations in terms of ICT and privacy regulation. It argues that in order to ensure continued and sustained growth, there needs to be more focus on privacy and security. In order to achieve the full potential, private actors, governments and regulators will need to work together to address the many challenges faced in creating an environment of trust and confidence in the digital economy.