Microsoft estimates that SME’s that utilize outdated equipment lose up to seven days a calendar year due to technology outages and that 70 – 80% of malware could be avoided if your technology was up to date. Many companies delay the replacement of hardware and software due to financial implications however, being on top of your game from a technology perspective is crucial to the efficiency of any business. Technology capability in our modern world means that upgrades do not require huge capital outlay, as they can be acquired as an operational expense through the cloud.
Here are the key risks to business in not upgrading technology:
Maintenance of outdated technology can be costly. Technology ages at a much faster rate than other products and it can cost nearly double to fix a system that is four or more years old. Additional costs to be considered are staffing and hours to fix an outdated system where time could be more productively spent on tasks that deliver results. A further consideration is that outdated technology uses more power than new efficient systems creating unnecessary overheads for your business.
Frustrations like the rotating hourglass, string of pop-ups or computer freezing have time implications and decreased productivity on staff. Outdated technology runs slower and takes longer to execute tasks and requires more maintenance. You may not consider your hardware to be old however, computers that are more than 4 years old cost 21 hours of productivity to repair, maintain and implement critical updates.
System downtime and crashes
Businesses today need to offer reliable efficient services. System crashes create stumbling blocks in providing customers with a reliable efficient on-demand service. Related downtime means loss of revenue and has financial implications.
Outdated technology opens your business up to increasing security vulnerabilities. With research stating that there are over ten thousand new malware threats discovered an hour your risk is increasing at exponential rates. If you are running Windows XP instead of Windows 10 you are six times more likely to be infected with malware threats.
MS Office may be your basic productivity tool and may seem unrelated to overall system security however it can still open vulnerabilities to your network. It is essential that your business keeps a log or what technology you have and how often it requires an upgrade.
Legal and Regulatory compliance risks
Auditors can fine companies who do not make the transition from unsupported software or systems. Cybercriminals are targeting businesses of all sizes and small to SME’s can no longer assume they are too small or unimportant to be targeted. Criminal enterprises consider many types of SMEs like medical practices, law offices, engineering firms, and educational institutions to be low risk, high reward targets holding valuable personal client data. SME’s are also laxer about updating their technology, dramatically increasing their vulnerability and attractiveness to cyber-criminals.
If you are unsure whether your company should plan for a hardware or software upgrade contact Biscuit IT for a no-obligation discussion.