Cybersecurity technologies are a vital element of business development. However business leaders should implement these systems strategically and with caution, because they could be targeted by cyberattacks. Business development involves identifying new opportunities, establishing and maintaining relationships with customers, entering strategic partnerships, and creating strategies to boost profits. It is a major concern for every intense transaction management in digital rooms department in a company from human resources to marketing.
To address the research question of how a company’s cybersecurity adoption affects its performance, we studied the impact on various organizational, technological, and environmental factors on an firm’s determination to adopt these technologies. Particularly, we employed the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the influence of these factors on organizations’ decision to adopt cybersecurity technology.
The TOE framework comprises four components: (1) perceived usefulness, (2) perceived ease of use, and (3) being observable. We discovered that these three factors influenced the organizations’ intentions to adopt cybersecurity tools and also their performance. Additionally, competition pressure and vendor support also have a positive impact on the willingness of companies to adopt these technologies.
Cyberattacks are becoming more frequent and can result in grave damage to a company’s reputation, finances, and operational capabilities. The latest cybersecurity technology is capable of helping businesses avoid the aforementioned scratches and enhance the financial performance of their business. It’s time for us to change our perspective from a view of cybersecurity as a high-cost defensive cost to recognizing it as a crucial business process that boosts growth.