Cybersecurity technology is an essential element of business development. Business leaders must use these systems with caution and with a sense of urgency, since they are susceptible to being targeted by cyberattacks. Business development is about identifying new opportunities, establishing and maintaining relationships with customers, forming strategic partnerships, and developing strategies to increase profits. It affects almost every department within a company from HR to marketing.
To answer the research question, “How does a company’s adoption of cybersecurity technologies affect its performance?” we examined the impact of various technological environmental, organizational and social factors on an organization’s decision of implementing these technologies. In particular, we utilized the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the impact of these factors on organizations’ decision to adopt cybersecurity technologies.
The TOE framework consists of four components: (1) perceived utility, (2) perceived ease-of-use and (3) visibility. These three factors influenced organizations’ intention to adopt cybersecurity technologies and their performance. Additionally, competition pressure and vendor support have a positive impact on the willingness of companies to adopt these technologies.
Cyberattacks have become more frequent and can result in grave damage to a company’s reputation financial, operational, and financial capabilities. The most advanced cybersecurity tools are capable of helping businesses avoid being harmed and boost their the financial performance of their business. It’s time for a change in thinking, shifting from a view of cybersecurity as a costly defensive expense to seeing it as a key business function driving growth.