Business Development and Cybersecurity
Cybersecurity technologies are a vital element of business development. Business leaders must use these systems with caution and be proactive, as they may be targeted by cyberattacks. Business development includes identifying new opportunities, establishing and maintaining relationships with customers, creating strategic partnerships, and creating strategies to boost profits. It impacts virtually every department of a company from marketing to human resources.
To address the research question of how a company’s cyber security adoption influences its performance, we looked at the impact of a variety of organizational, technological, and environmental factors on an company’s decision to adopt these technologies. Specifically, we used the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the influence of these factors on the organizations’ willingness to adopt cybersecurity technologies.
The TOE framework is comprised of four elements: (1) perceived usefulness, (2) perceived ease of use, and (3) being observable. We discovered that these three factors have influenced the intentions of companies to adopt cybersecurity technology as well as their performance. In addition, competition pressure and vendor assistance also had an impact management efficiency improved with automated systems on the willingness of companies to take on these technologies.
Cyberattacks have become more frequent and could cause severe damage to a company’s reputation as well as its finances and operational capabilities. The most recent cybersecurity technologies are capable of helping businesses avoid these scratches and enhance the financial performance of their business. It’s time for a change in mindset, from seeing cybersecurity as a cost-effective defensive expense to embracing it as an essential business process that can drive growth.