The Hidden Danger of Outdated Software
Why Ignoring Updates Can Cost You Millions
When a Software Update
Becomes a Multi-Million Dollar Mistake
A financial services firm recently suffered a catastrophic data breach when cybercriminals exploited a known vulnerability in their accounting software. The flaw had been discovered and patched months earlier, but the company had delayed the update, citing concerns over system downtime and operational disruptions.
That decision cost them dearly.
Once inside, attackers encrypted financial records, customer transactions, and confidential client agreements, demanding a ransom of $5 million. The firm’s operations were paralysed for weeks, leading to regulatory fines, client lawsuits, and reputational damage that far outweighed the inconvenience of a 30-minute software update.
This isn’t an isolated incident. Outdated software remains one of the biggest cyber security threats because it provides cybercriminals with a direct entry point into otherwise secure systems.
Why Businesses Ignore
Critical Software Updates
Despite knowing the risks, businesses often delay or ignore software updates, putting themselves at risk. The most common reasons include:
1
Fear of Disrupting Operations
IT teams worry that software updates might break critical applications, causing temporary downtime. However, delaying patches leaves systems vulnerable to cybercriminals who are actively scanning for businesses that haven’t applied security fixes.
Prevention:
- Implement test environments to assess the impact of updates before rolling them out.
- Use automated update schedules during low-traffic hours to minimise disruption.
- Ensure business continuity plans are in place to manage potential downtime.
2
The “It Won’t Happen to Us” Mentality
Many businesses assume that cybercriminals only target large corporations, but small and mid-sized businesses are often their preferred targets due to weaker cyber security policies. Ransomware groups frequently exploit outdated systems in smaller firms, knowing they have limited resources to respond.
Prevention:
- Treat cyber security as a business priority, not just an IT concern.
- Train employees to understand that all businesses are potential targets.
- Conduct regular vulnerability scans to detect outdated software.
3
Lack of IT Resources or Oversight
Some organisations, particularly SMBs, lack dedicated cyber security teams to track and apply security patches. This creates gaps in protection, leaving networks exposed to well-documented vulnerabilities.
Prevention:
- Partner with Managed Security Service Providers (MSSPs) to oversee patch management.
- Use cloud-based software solutions that apply updates automatically.
- Assign patch management responsibilities to dedicated IT personnel.
How Cybercriminals
Exploit Unpatched Software
Cybercriminals using sophisticated AI attacks don’t need to break into networks manually—they use automated tools to scan the internet for businesses running outdated versions of software.
Once they find a vulnerable system, they deploy:
- Ransomware
Encrypts files and demands payment for decryption. - Malware
Installs spyware to steal login credentials and sensitive data. - Privilege Escalation Attacks
Grants attackers administrative control over systems.
One of the most infamous examples was the WannaCry ransomware attack, which exploited an unpatched Windows vulnerability, affecting over 200,000 systems worldwide and costing billions in damages.
How to Strengthen
Your Patch Management Strategy
- Automate Software Updates
Use patch management tools to apply updates immediately after they are released. - Prioritise Security Patches
Apply critical security fixes first, even if other feature updates can wait. - Regularly Audit All Software & Devices
Conduct monthly system reviews to identify outdated software. - Use Endpoint Protection & Network Monitoring
Deploy AI-driven security tools to detect attempts to exploit vulnerabilities.
Conclusion: Small Delays
Lead to Big Consequences
Ignoring or delaying software updates is one of the biggest cyber security risks businesses face today. The cost of patching vulnerabilities is minimal compared to the financial and reputational losses from a preventable cyberattack.
Is your business running outdated software?
Contact Solid Systems today for expert cyber security and patch management solutions!
