Business Development and Cybersecurity
July 5, 2024 by Karen
Cybersecurity is a crucial component of business development. Business leaders must use these systems with caution and with a sense of urgency, since they may be targeted by cyberattacks. Business development includes looking for new opportunities, creating and maintaining connections with customers, forming strategic alliances, and preparing strategies to increase profits. It affects almost every department in a business from HR to marketing.
To answer the research question, “How does a company’s adoption of cybersecurity technologies influence its performance?” we examined the impact of different technological, organizational and environmental factors on an organization’s decision of implementing these technologies. We utilized the TOE framework to study the impact of these variables on the willingness of organizations and their ability to adopt cybersecurity techniques.
The TOE framework is comprised of four parts: (1) perceived utility, (2) perceived ease-of-use and (3) the ability to observe. We found that these three variables affected the companies’ plans to adopt cybersecurity technology and also their performance. In addition, competitive pressure and vendor support have also had a positive effect on the willingness of companies to adopt these technology.
Cyberattacks have become more frequent and can result in grave damage to a company’s reputation, finances, and operational capabilities. The latest cybersecurity technology is able to help businesses avoid these scratches and enhance financial performance. It’s time to make a shift in mindset, from seeing cybersecurity as a costly security expense to seeing it as a crucial business function driving growth.
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