Imagine you just bought the latest smartphone. It’s fast, sleek, and does everything you need. But after a few months, you start getting those little pop-ups: “Software update available.” You ignore them. Life is busy, and the phone works fine. Why mess with it? But don’t skip software updates.
Then, one day, your favorite app crashes, your battery drains faster, and, worst of all, a hacker exploits a weakness in the outdated software and steals your data.
Think about this happening on a much bigger scale—like across your entire company bigger. That’s the risk businesses take when they skip software updates. And for CFOs, this isn’t just an IT problem. It’s a business problem that can cost millions.
The Hidden Dangers of Ignoring Software Updates
Hackers love outdated software. Why? Because every software update includes security fixes. When businesses don’t install those updates, it’s like leaving the front door wide open. Attackers are constantly scanning for companies running old, vulnerable systems. Once they find a weak spot, they can break in, steal data, and lock files for ransom.
And this isn’t just a hypothetical risk. In 2023 alone, major breaches hit companies using unpatched versions of Fortinet, MOVEit, and Citrix. Businesses that didn’t update lost money, data, and customer trust.
What’s the Real Business Impact?
Skipping software updates might seem harmless until it isn’t. Here’s what happens when companies push updates to the back burner:
1. Massive Financial Losses
A single cyberattack can cost a business hundreds of thousands—or even millions—of dollars. This includes ransom payments, regulatory fines, and legal fees. Not to mention the damage to your reputation, which can drive customers away for good.
2. Lost Productivity & Downtime
If ransomware locks up your systems, how long can your business afford to be offline? Every minute of downtime means lost revenue. A single unpatched vulnerability can shut down operations for days or weeks.
3. Compliance Nightmares
Regulatory bodies aren’t sympathetic to companies that fail to patch their systems. If customer data is compromised due to ignored updates, businesses can face steep fines under laws like HIPAA or PCI DSS.
How CFOs Can Make Sure Patching Gets Done
It’s easy to assume IT has software updates under control, but updates can slip through the cracks without clear policies. Here’s how CFOs can ensure patching is a priority:
1. Ask the Right Questions
A simple way to check if updates are being completed is to ask your IT team, “How long does it take us to apply critical patches?” If the answer isn’t “immediately” or “within days,” there’s a risk.
2. Invest in Automation
Manual updates take time, and human error can lead to missed patches. Automated patch management tools ensure updates happen quickly and consistently.
3. Consider a Managed Service
Many businesses work with IT partners like ONE 2 ONE to handle patching for them. A managed service ensures updates happen without disrupting business operations, so your company stays secure without the hassle.
The Bottom Line
Skipping software updates isn’t just an inconvenience. It’s a huge business risk. Hackers actively look for outdated systems, and the financial fallout of a breach can be devastating.
The good news? Keeping software updated is one of the easiest and most effective ways to protect your business. Whether through internal IT, automation, or a managed service like ONE 2 ONE, making patching a priority is a simple step that can prevent massive headaches later.
Take Action Now
Want to know how well your company is handling software updates? Start by asking your IT team: “How long does it take us to apply critical patches?” Their answer might tell you if it’s time for a better approach.
And if you’re looking for a team that can take software updates off your plate entirely, ONE 2 ONE is here to help. Let’s talk about how we can protect your business without stress.