Cybersecurity technologies are a vital element of business development. However business leaders should implement these systems with a sense of urgency and with caution, since they could be targeted by cyberattacks. Business development encompasses searching for new opportunities, establishing and maintaining connections with customers, entering strategic partnerships, and preparing strategies to boost profits. It affects almost every department within a company, from marketing to HR.
To address the research question of how a company’s cyber security adoption influences its performance, we looked at the impact of a variety of organizational, technological and environmental factors on the firm’s determination to adopt these technologies. We employed the TOE framework to analyze the impact of these factors on organizations’ willingness and capability to adopt cybersecurity technology.
The TOE framework is comprised of four components: (1) perceived utility, (2) perceived ease-of-use and (3) the ability to observe. We discovered that these three factors influence the decision-making of organizations to adopt cybersecurity technology and their performance. In addition, competition pressure and vendor support have also had a positive effect on the willingness of companies to take on these technologies.
Cyberattacks are more frequent and could cause grave damage to a company’s reputation as well as its finances and operational capabilities. Fortunately, the most recent cybersecurity technologies can help companies steer clear of these scratches and improve their financial performance. It’s time to change in thinking, shifting from a view of cybersecurity as a cost-effective defensive expense to seeing it as a vital business function driving growth.
