We don’t know the name of your company or what it does. We don’t know which industry it operates in, what kind of people you employ, or which clients/customers you serve. However, we do know one thing for sure – you rely on a wide range of software programs to run the business, manage operations and finances, collect customer data, keep your innovation engine running, and guide your business decisions. You probably use applications to automate some processes, manage accounting and bookkeeping, implement sales and marketing strategies, and to protect your business assets from cyberattacks.
But are you using the updated versions of these software applications?
As a business owner or manager, you should know that updating or upgrading software is as important as using the right software. And in this brief article, we’ll show you why. Thanks for reading!
1: Ensure that your software is secure and safe from exploitable vulnerabilities
In early 2023, researchers at The Stack analysed thousands of software products. They found a record 26,448 security flaws. Of these flaws, 4,135 were “critical vulnerabilities”. This latter number is 59% higher than 2021. These soaring numbers show that software applications make organisations highly vulnerable to cyberattacks. According to the UK’s National Cyber Security Centre (NCSC), unpatched software is one of the top three access routes for hackers and other malicious parties.
Older versions of your software may have security vulnerabilities that could be exploited by a hacker looking for a quick payout from your company. If you have not implemented a vulnerability management program or deployed a vulnerability scanner, your company is at a very high risk of these vulnerabilities being exploited. If this happens, you may be at the receiving end of a serious cyberattack or data breach.
So, how can you secure your technology and avoid these risks?
Answer: implement patches and use up-to-date software.
Talk to your vendors to upgrade to the latest version of all applications you currently use. Make sure to patch and update all software to address known vulnerabilities and protect the company’s systems, data, and people. It’s useful to create (and maintain) an inventory of all software, so you know exactly what is being used in the company, which version is currently in operation, and the vendor-in-charge.
2: Improve software performance and efficiency
Have you noticed that one or more of your software applications is running slower than usual? Maybe it hangs frequently, disrupting your workflow? Or closes unexpectedly, resulting in data losses and wasted time?
One very common reason for all these performance problems is that the application is outdated.
Reliable software vendors and OEMs regularly release performance enhancements and bug fixes for their products. They also release new features or optimised versions of old features to improve speed, performance, and productivity. By upgrading to the latest versions, you will be able to take advantage of all these enhancements, fixes, and features. You will also be able to streamline workflows and reduce system downtime. And if you have recently upgraded to hardware or operating systems; upgrading your software applications will allow you to benefit from the improved capabilities and performance of the former.
3: Maintain a competitive position in your market and industry
It’s highly likely that you and your competitors use the same (or similar) software products for a variety of business purposes. It’s also likely that your competitors are taking full advantage of the latest features and enhancements of these products to reach customers, improve operations, save time and money, and yes, strengthen their competitive position.
Can you afford to fall behind the curve?
If you answered “no”, the best way to boost your own competitiveness is to upgrade to the latest version of software applications. In this way, you can access all the new features that can help you stay ahead of competitors and stay competitive in your market. For instance, you may benefit from improved reporting capabilities or enhanced analytics that enable you to make the most of data and make better data-driven decisions. Or you may be able to integrate the software with other software and derive many benefits from an integrated software stack.
4: Get vendor support
Software vendors usually provide support and maintenance for the latest versions of their products. This includes updates, bug fixes, and in some cases, technical support (email, phone, live chat, etc.). But as software applications age, they may no longer support older versions.
For example, here’s what Microsoft has to say about “unsupported versions of Windows”: (these versions) “ will no longer receive software updates from Windows Update. These updates include security updates that can help protect your PC from harmful viruses, spyware, and other malicious software which can steal your personal information. Windows Update also installs the latest software updates to improve the reliability of Windows—such as new drivers for your hardware.”
What this means is that you can continue to use unsupported versions of your software applications. However, these applications will be more vulnerable to security risks and viruses, so your risk of being attacked go up considerably. By upgrading to the latest versions of every software product, you will continue to receive vendor support and can stay updated on the latest security patches and upgrades.
5: Comply with laws and regulations
If you operate in a regulated industry like healthcare or finance, or are required to comply with certain laws/regulations like PCI-DSS, HIPAA, SOC2, etc., your software must be updated and compliant at all times. Outdated software may not meet the latest compliance standards, which increases your risk of non-compliance, which may then result in hefty fines, penalties, or other kinds of punishments.
Software vendors are aware of the laws relevant to their products so they regularly release patches or enhancements to maintain compliance with these laws. By upgrading to the latest version of every application you currently use, these latest updates will be yours for the taking. In this way, you can maintain compliance with every regulation that applies to your company (and industry), and mitigate the adverse consequences of non-compliance.
A Final Word
So there you have it. There are five very important reasons to upgrade and update your software application stack. When you do so, you are more likely to stay competitive, protect your business-critical assets, and maintain a strong security and compliance posture. In the long term, the sustainability and profitability of your business depends on your software applications – and your ability (and willingness) to keep them up-to-date.
