For companies operating in the EU, the introduction of the General Data Protection Regulation of GDPR has meant sweeping changes to the way personal information should be handled and stored. Breach of the GDPR regulations can result in heavy fines being imposed on the company responsible for the breach. Software that cannot be updated to deal with the requirements imposed by GDPR can be a serious legal risk for a company.
System and data security too have rapidly gotten more important, as the number of hacks and data leaks have increased. A data leak can seriously damage a companies’ image, and, next to legal ramifications, can lead to serious drops in revenue and NPS. Hacks and leaks of confidential company information like blueprints and legal documents also poses serious business risks. Older software can be more susceptible to attacks and hacks if it is not patched or updated regularly, or has not been written with current security considerations in mind.