Cybersecurity technology is an essential element of business development. Business leaders should implement these systems with caution and in a proactive manner, as they could be targeted by cyberattacks. Business development involves identifying new opportunities, developing and maintaining relationships with customers, forming strategic alliances, and coming up with strategies to boost profits. It impacts nearly every department in a business from HR to marketing.
To answer the question of how a company’s cybersecurity adoption affects its performance we analyzed the effect of various organizational, technological, and environmental factors on an firm’s determination to adopt these technologies. We utilized the TOE framework to assess the impact of these variables on the organization’s willingness and ability to adopt cybersecurity techniques.
The TOE framework is composed of four components: (1) perceived utility, (2) perceived ease-of-use, and (3) observability. These three factors influenced companies’ intentions to adopt cybersecurity technologies and their performance. In addition, competition pressure and vendor assistance were also a factor on the willingness of companies to to adopt these technologies.
Cyberattacks are more frequent than ever and can be devastating to the reputation of a company, its financial standing, and operational capabilities. Fortunately, the newest cybersecurity technology can help businesses stay clear of these scratches and boost their financial performance. It’s time for us to change our perspective from a view of cybersecurity as an expensive defensive expense to recognizing it as a business function that drives growth.
