Cybersecurity technology is a vital component of business development. Business leaders must implement these systems with caution and proactively, as they are susceptible to being targeted by cyberattacks. Business development includes identifying new opportunities, developing and maintaining relationships with customers, forming strategic alliances, and coming up with strategies to increase profits. It affects virtually every department of a company from human resources to marketing.
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, organizational and environmental factors on an organization’s intention to adopt these technologies. We employed the TOE framework to examine the impact of these elements on the organization’s willingness and capability to adopt cybersecurity technology.
The TOE framework is comprised of four parts: (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 as well as their performance. In addition, competitive pressure and vendor support also had a positive effect on the willingness of companies to adopt these technologies.
Cyberattacks have become more frequent and can result in serious damage to businesses’ reputation as well as its finances and operational capabilities. The latest cybersecurity technologies are capable of helping businesses avoid the aforementioned scratches and boost their financial performance. It’s the time to make a change in attitude, from viewing cybersecurity as a costly defensive expense to seeing it as a key business function that drives growth.
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