Cybersecurity technology is a vital component of business development. Business leaders must use these systems with caution and in a proactive manner, as they could be targeted by cyberattacks. Business development involves identifying new opportunities, creating and maintaining connections with customers, entering strategic partnerships, and developing strategies to boost profits. It affects virtually every department in a company from marketing to human resources.
To answer the question of how a company’s cyber security adoption influences its performance, we analyzed the effect on various organizational, technological, and environmental factors on an company’s decision to adopt 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 technologies.
The TOE framework is comprised of four components: (1) perceived utility, (2) perceived ease-of-use and (3) observational. We discovered that these three factors influence the decision-making of organizations to adopt cybersecurity technologies and also their performance. In addition, competitive pressure and vendor support played a role in the willingness of companies to adopt these technologies.
Cyberattacks have become more frequent and could cause serious damage to businesses’ reputation financial, operational, and financial capabilities. The latest cybersecurity technology is able to help businesses avoid these scratches and boost their financial performance. It’s the time to make a change in thinking, shifting from a view of cybersecurity as a costly defense expense to embracing it as an essential business function that is driving growth.
