Business Development and Cybersecurity

Cybersecurity technologies are a vital component of business development. However business leaders should implement these systems with a sense of urgency and cautiously, as they could be targeted by cyberattacks. Business development includes looking for new opportunities, developing and maintaining connections with customers, entering strategic partnerships, and developing strategies to boost profits. It affects nearly every department in a business from HR to marketing.

To answer the question of how a company’s cybersecurity adoption influences its performance, we analyzed the effect on various organizational, technological and environmental factors on the firm’s determination to adopt these technologies. We used the TOE framework to assess the impact of these factors on the willingness of organizations and their capability to adopt cybersecurity technology.

The TOE framework includes four components: (1) perceived usefulness, (2) perceived ease of use, and (3) being observable. We found that these three variables influence the decision-making of organizations to adopt cybersecurity tools as well as their performance. In addition, competitive pressure and vendor support have a positive impact on the companies’ willingness to adopt these technologies.

Cyberattacks are more frequent than ever and can cause biotech evaluation: critical errors to avoid severe damage to the reputation of a company, its financial standing and operational capabilities. Fortunately, the newest cybersecurity technologies can help businesses steer clear of these scratches and boost their financial performance. It’s time for a change in perspective, moving from viewing cybersecurity as a cost-effective defensive expense to embracing it as a vital business function that drives growth.