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Cybersecurity is a crucial component of business development. However, business leaders must implement these systems with a sense of urgency and with caution, since they are susceptible to being targeted by cyberattacks. Business development includes looking for new opportunities, creating and maintaining connections with customers, forming strategic partnerships, and developing strategies to increase profits. It affects virtually every department in a company from marketing to human resources.
In order 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 intentions of implementing these technologies. We employed the TOE framework to analyze the impact of these variables on the organizations’ willingness and capacity to adopt cybersecurity technologies.
The TOE framework consists of four parts: (1) perceived utility, (2) perceived ease-of-use and (3) the ability to observe. These three variables affected the companies’ decision to adopt cybersecurity tools as well as their performance. Additionally, competition pressure and vendor support played a role in the companies’ willingness to adopt these technologies.
Cyberattacks are more frequent than ever and can be devastating to the reputation of a business, its financial standing and operational capabilities. Fortunately, the most recent cybersecurity technologies can help companies avoid the abrasions and improve their financial performance. It’s the time to make a change in attitude, from viewing cybersecurity as a costly defense expense to seeing it as a key business function driving growth.