Understanding the Cyber Risks of End-of-life Software

Software is the backbone of many business operations in today’s digital age. However, when software reaches its end-of-life (EOL) stage, it no longer receives updates or support from its manufacturer, posing significant cyber risks.

Understanding these risks is crucial for maintaining a secure IT environment.

Heightened Vulnerability to Cyber Threats

One of the primary risks associated with EOL software is its increased vulnerability to cyber threats. These programs can become easy targets for cybercriminals without regular updates and security patches.

Hackers exploit known vulnerabilities in outdated software, leading to potential data breaches, malware infections and other cyberattacks.

Increased Incidence and Cost of Data Breaches

Using EOL software raises the likelihood of a data breach and escalates potential costs and losses. The financial impact of rectifying a breach, coupled with losing customer trust and potential downtime, can be substantial.

Organizations may find themselves spending significantly more on damage control than they would have on upgrading their systems.

Legal and Compliance Implications Related to End-of-life Software

Many industries have regulatory standards that mandate the use of supported and updated software. For instance, sectors like health care and finance are particularly stringent about compliance.

Using outdated software can result in noncompliance with these regulations, leading to hefty fines and legal repercussions. Additionally, global legislation increasingly holds organizations accountable for failing to protect customer data, often directly tying into the software they use.

Why End-of-life Software Persists

Despite the risks, some organizations continue to use EOL software due to financial considerations and communication gaps. Upgrading software involves costs related to purchasing new licenses, training staff and transitioning to new systems.

However, the long-term benefits of maintaining updated software typically far outweigh these initial expenses, as the risk of cyber incidents related to EOL software should not be taken lightly.

We’re Here to Help

At Silicon Valley Risk & Insurance Services, we will work with your business to identify appropriate cybersecurity measures, including the right cyber liability coverage. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.