Cybersecurity is a crucial element of business development. However business leaders should implement these systems strategically and cautiously, as they may be targeted by cyberattacks. Business development includes identifying new opportunities, establishing and maintaining relationships with customers, creating strategic partnerships, and creating strategies to increase profits. It affects nearly every department in a business from HR to marketing.
In order to answer the research question, “How does a company’s adoption of cybersecurity technologies affect its performance?” we examined the impact of different technological environmental, organizational and other elements on an organization’s intent of implementing these technologies. Specifically, we used the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the influence of these factors on organizations’ desire to adopt cybersecurity technologies.
The TOE framework has four components: (1) perceived usefulness, (2) perceived ease of use and (3) observability. We discovered that these three factors influence the decision-making of organizations to adopt cybersecurity tools, as well as their performance. In addition, competition pressure and vendor assistance also had a positive impact on the willingness of companies to adopt these technology.
Cyberattacks are more frequent than ever before and can cause severe damage to the reputation of a business, its financial standing, and operational capabilities. The most recent cybersecurity technologies are able to help businesses avoid the aforementioned scratches and enhance financial performance. It’s time to shift our perception of cybersecurity from seeing it as a cost-effective defensive expense to recognizing it as a business function that boosts growth.