Cybersecurity technologies are a vital element of business development. Business leaders should use these systems with caution and in a proactive manner, as they are susceptible to being targeted by cyberattacks. Business development involves identifying opportunities to grow, establishing and maintaining relationships with customers, forming strategic alliances, and coming up with strategies to increase profits. It affects almost every department in a business from HR to marketing.
To answer the research question, “How does a company’s adoption of cybersecurity technologies affect its performance?” we examined the impact of different technological, organizational and environmental factors on an organization’s intentions of adopting these technologies. We utilized the TOE framework to analyze the impact of these factors on the organizations’ willingness and ability to adopt cybersecurity techniques.
The TOE framework comprises four components: (1) perceived usefulness, (2) perceived ease of use and (3) the ability to observe. We discovered strategic planning in startups with smart technologies that these three factors influenced the organizations’ intentions to adopt cybersecurity techniques and their performance. Additionally, competitive pressure and vendor support were also a factor on the willingness of companies to to adopt these technologies.
Cyberattacks are more frequent than ever before and can cause severe damage to the reputation of a company, its financial standing and operational capabilities. The latest cybersecurity technology is able to help companies avoid scratches and improve the financial performance of their business. It’s time for a change in thinking, shifting from a view of cybersecurity as a costly security expense to seeing it as an essential business function that is driving growth.