Cybersecurity technology is a vital component of business development. Business leaders must implement these systems cautiously and be proactive, as they may be targeted by cyberattacks. Business development involves identifying and implementing opportunities to grow, establishing and maintaining relationships with customers, forming strategic alliances, and coming up with strategies to boost profits. It impacts virtually every department in a company from marketing to human resources.

To answer the research question, „How does a company’s adoption of cybersecurity technologies affect its performance?“ we examined the online storage in business growth strategy formulation effects of various technological environmental, organizational and social elements on an organization’s intent to adopt these technologies. We specifically used the TOE framework (Turner, Odeberg, and Egan 2002; TOE) to investigate the impact of these factors on the organizations’ willingness to adopt cybersecurity technologies.

The TOE framework is composed of four components: (1) perceived utility, (2) perceived ease-of-use and (3) observational. We discovered that these three factors have influenced the intentions of companies to adopt cybersecurity technology and also their performance. In addition, competitive pressure and vendor assistance were also a factor on the willingness of companies to to adopt these technologies.

Cyberattacks are more frequent than ever and can cause serious damage to the company’s reputation, financial standing and operational capabilities. The latest cybersecurity technologies are able to help businesses avoid the aforementioned scratches and improve the financial performance of their business. It’s time to change in thinking, shifting from a view of cybersecurity as a costly defense expense to accepting it as a key business function that drives growth.