Cybersecurity technologies are a vital component of business development. However business leaders must implement these systems in a proactive manner and with caution, as they are susceptible to being targeted by cyberattacks. Business development encompasses searching for new opportunities, developing and maintaining relationships with customers, forming strategic alliances, and preparing strategies to boost profits. It impacts 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 effects of various technological environmental, organizational and other factors on an organization’s intentions of adopting these technologies. We used the TOE framework to study the impact of these elements on the organization’s willingness and ability to adopt cybersecurity technologies.
The TOE framework comprises four components: (1) perceived usefulness, (2) perceived ease of use and (3) observability. These three factors influenced companies’ plans to adopt cybersecurity techniques and also their performance. In addition, competitive pressure and vendor support also had a positive effect on the companies’ willingness to adopt these technologies.
Cyberattacks have become more frequent and may cause severe damage to a company’s reputation financial, operational, and financial capabilities. The latest cybersecurity technology is able to help businesses avoid being harmed and boost their financial performance. It’s time to make a shift in thinking, shifting from a view of cybersecurity as a cost-effective defensive expense to seeing it as an essential business function that drives growth.