Software is a big part of any business’s operations. On your computer, you likely have many software applications that help you manage your workflow and complete a variety of work responsibilities.
Every now and then, you get notifications that you’re due for an update. It’s common for many people to ignore or snooze these updates repeatedly, or cancel them entirely. It might seem as though the software is working fine as is, and so spending time on an update is unnecessary.
It’s easy to get into a habit of ignoring those notifications, but avoiding software updates can have grave consequences–especially for your cybersecurity. Here’s what you need to know about software updates to keep yourself and your business protected from the associated risks.
The Risks of Ignoring Software Updates
A software update can range from an extensive overhaul of a system to a minor bug fix. Often, during these updates, security patches are made, adding more protection for the user. Therefore, if you avoid the updates for months, you could miss out on multiple security patches, leaving you with a vulnerable piece of software.
This is a particular problem for many reasons, the main one being that cybercrimes are a severe problem. Did you know that:
- Financial losses from cyberattacks are expected to reach a total of $6 trillion by 2021
- There’s only a 0.05% chance of finding a cybercriminal after an attack
By not keeping your software updated, you open yourself up to cyberattacks, which can have devastating effects on your finances. A survey found that 60% of network breaches were linked to vulnerabilities that could’ve been solved by a patch update, but were not. In essence, companies ignored software updates, and paid the price!
When you fail to update your software, you make it easier for people to gain access to your business and your sensitive information.
What Happens to Cybercrime Victims?
If your business is victim to a cyberattack, many things can happen, depending on the attacker’s motives. Often, small businesses systems are held ransom, with hackers saying they’ll give you back control of your system for a fee. They may also gain private information on your company/customers, asking for payment or they’ll release it to the public.
As a result, you can suffer:
- Significant financial losses
- Unhappy customers
- Unhappy employees
- A severely damaged reputation
How to Protect Your Business
The absolute best approach to your software security is simply to keep your software updated. You can use a cybersecurity IT provider to take care of everything for you. They can assess your software security, manage and schedule updates remotely, and provide monitoring to ensure your software is always up to date.
To get a cybersecurity consultation for your business, contact TheCompuLab today!