Cybersecurity technology is a vital component of business development. However the business owners must implement these systems with a sense of urgency and with caution, since they are susceptible to being targeted by cyberattacks. Business development is about identifying opportunities to grow, establishing and maintaining relationships with customers, creating strategic alliances, and coming up with strategies to increase profits. It impacts almost every aspect of a business from marketing to human resources.
To answer the research question, “How does a company’s adoption of cybersecurity technologies affect its performance?” we examined the impact of various technological, organizational and environmental factors on an organization’s intention of implementing these technologies. We utilized the TOE framework to examine the effect of these factors on the willingness of organizations and their ability to adopt cybersecurity techniques.
The TOE framework comprises four components: (1) perceived usefulness, (2) perceived ease of use, and (3) observational capability. We discovered that these three factors influenced the organizations’ intentions to adopt cybersecurity technologies and their performance. Additionally, competition pressure and vendor support had a positive effect on the companies’ willingness to adopt these technologies.
Cyberattacks are more frequent than ever before and can be devastating to the reputation of a business, its financial standing, and operational capabilities. Fortunately, the latest cybersecurity technologies can help businesses avoid these abrasions and improve their financial performance. It’s time to change our perspective from a view of cybersecurity as a cost-effective defensive expense to recognizing it as a crucial business process that boosts growth.