Cybersecurity technologies are a vital element of business development. However, business leaders must implement these systems with a sense of urgency and cautiously, as they are susceptible to being targeted by cyberattacks. Business development involves identifying and implementing opportunities to grow, establishing and maintaining relationships with customers, creating strategic partnerships, and creating strategies to increase profits. It impacts almost 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 social factors on an organization’s intention of implementing these technologies. Specifically, we used the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the effect of these variables on the organizations’ willingness to adopt cybersecurity technology.
The TOE framework consists of four URL parts: (1) perceived utility, (2) perceived ease-of-use, and (3) visibility. These three variables influenced companies’ plans to adopt cybersecurity technologies and their performance. In addition, competitive pressure and vendor support had a positive effect on the willingness of companies to adopt these technologies.
Cyberattacks are more frequent and can cause severe damage to a company’s reputation financial, operational, and financial capabilities. The most recent cybersecurity technologies are able to help companies avoid scratches and boost financial performance. It’s the time to change our mindset from viewing cybersecurity as a cost-effective defensive expense to recognizing it as a business necessity that can drive growth.