Business Development and Cybersecurity
Cybersecurity is a crucial component of business development. Business leaders should implement these systems with caution and proactively, as they are susceptible to being targeted by cyberattacks. Business development is about identifying new opportunities, establishing and maintaining relationships with customers, creating strategic partnerships, and developing strategies to boost profits. It is a major concern for every aspect of a business from marketing to human resources.
To answer the question of how a company’s cyber security adoption affects its performance we studied the impact of a variety of organizational, technological, and environmental factors on an company’s desire to adopt these technologies. Particularly, we employed the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the influence of these factors on organizations’ decision to adopt cybersecurity-related 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 influence the decision-making of organizations to adopt cybersecurity techniques as well as their performance. Additionally, competition pressure and vendor support also had a positive effect on the companies’ willingness to adopt these technologies.
Cyberattacks are more frequent and could cause grave damage to a company’s reputation, finances, and operational capabilities. Fortunately, the most recent cybersecurity technologies can help businesses avoid the abrasions and boost their financial performance. It’s time for us to change our thinking about cybersecurity from viewing it as an expensive defensive expense to seeing it as a business function which drives growth.
