Business Development and Cybersecurity

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Cybersecurity is a key component of any business. Business leaders must implement these systems cautiously and with a sense of urgency, since they may be targeted by cyberattacks. Business development is about identifying new opportunities, developing and maintaining relationships with customers, creating strategic partnerships, and establishing strategies to increase profits. It affects almost every department within a company from HR to marketing.

In order to answer the research question, “How does a company’s adoption of cybersecurity technologies influence its performance?” we examined the impact of different technological environmental, organizational and social elements on an organization’s intent of implementing these technologies. We used the TOE framework to analyze the impact of these elements on organizations’ willingness and ability to adopt cybersecurity techniques.

The TOE framework includes four components: (1) perceived usefulness, (2) perceived ease of use, and (3) observational capability. These three variables affected the companies’ intentions to adopt cybersecurity technology and also their performance. Additionally, competition pressure and vendor support had a positive effect on the companies’ willingness to adopt these technologies.

Cyberattacks are becoming more frequent and can result in grave damage to a company’s reputation as well as its financial and operational capabilities. Fortunately, the latest cybersecurity technologies can help companies avoid the abrasions and improve their financial performance. It’s time to make a shift in attitude, from viewing cybersecurity as a costly defense expense to accepting it as a vital business function that drives growth.