Cybersecurity technologies are a vital component of business development. However the business owners must implement these systems strategically and with caution, because they could be targeted by cyberattacks. Business development includes identifying new online storage in business growth strategy formulation opportunities, creating and maintaining relationships with customers, forming strategic partnerships, and establishing strategies to increase profits. It affects nearly every department within a company, from marketing to HR.
In order to answer the research question, “How does a company’s adopting cybersecurity technologies affect its performance?” we examined the effects of various technological elements, environmental and organizational elements on an organization’s intent of adopting these technologies. In particular, we utilized the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the impact of these elements on organizations’ desire to adopt cybersecurity technology.
The TOE framework includes four components: (1) perceived usefulness, (2) perceived ease of use and (3) the ability to observe. These three factors influenced companies’ intentions to adopt cybersecurity technology and also their performance. In addition, competitive pressure and vendor support also had an impact on the companies’ willingness to adopt these technologies.
Cyberattacks are more frequent than ever, and can cause severe damage to the reputation of a company, its financial standing, and operational capabilities. Fortunately, the most up-to-date cybersecurity technology can help businesses stay clear of these scratches and boost their financial performance. It’s the time to change our thinking about cybersecurity from viewing it as an expensive defensive expense to recognizing it as a business function that drives growth.