Cybersecurity technologies are a vital element of business development. However the business owners must implement these systems in a proactive manner and cautiously, as they could be targeted by cyberattacks. Business development involves looking for new opportunities, establishing and maintaining connections with customers, entering strategic partnerships, and preparing strategies to increase profits. It impacts virtually every department of a company from human resources to marketing.
In order to answer the research question, “How does a company’s use of cybersecurity technology affect its performance?” we examined the effects of various technological environmental, organizational and other factors on an organization’s intentions to adopt these technologies. We employed the TOE framework to study the effect of these factors on the organization’s willingness and capability to adopt cybersecurity technology.
The TOE framework consists of four parts: (1) perceived utility, (2) perceived ease-of-use and (3) observational. These three variables affected the organizations’ intention to adopt cybersecurity tools as well as their performance. Additionally, competitive pressure and vendor support also had a positive impact on the companies’ willingness adopt these technology.
Cyberattacks are more frequent and can cause grave damage to a company’s reputation as well as its financial and operational capabilities. The latest cybersecurity technologies are capable of helping businesses avoid being harmed and business development and cyber technologies improve the financial performance of their business. It’s time for a change in attitude, from viewing cybersecurity as a costly security expense to accepting it as a vital business function that is driving growth.
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