Cybersecurity is an essential aspect of any business. However the business owners must implement these systems in a proactive manner and with caution, because they could be targeted by cyberattacks. Business development includes identifying new opportunities, creating and maintaining relationships with customers, forming strategic partnerships, and creating strategies to increase profits. It impacts virtually every aspect of a business from human resources to marketing.
To answer the question of how a company’s cyber security adoption affects its performance, we studied the impact of a variety of organizational, technological and environmental factors on an firm’s determination to adopt these technologies. In particular, we utilized the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the influence of these factors on organizations’ desire to adopt cybersecurity technologies.
The TOE framework is comprised of four elements: (1) perceived utility, (2) perceived ease-of-use and (3) observability. We discovered that these three factors affected the companies’ plans to adopt cybersecurity tools and their performance. Additionally, competitive pressure and vendor support also had an impact on the willingness of companies to adopt these technologies.
Cyberattacks are more frequent than ever, and can cause significant damage to a company’s reputation, financial standing, and operational capabilities. The latest cybersecurity technologies are able to help companies avoid scratches and boost their financial performance. It’s time for us to change our thinking about cybersecurity from viewing it as a high-cost defensive cost to seeing it as a business function that boosts growth.
