A GUIDE FOR CAPITAL CONSTRUCTION
5 SIGNS IT ’S TIME TO UPDATE YOUR SOFTWARE SOLUTION
3
THE TOOLS YOU USE ARE OUTDATED
Software gets decommissioned every day. Whether the company closes its doors, shifts resources to another product, slows its development roadmap, or gets acquired by a competitor, eventually, software stops being supported. Many unsupported or under-resourced solutions are still perfectly functional but expose their users to unnecessary risk the further we go past its end-support date. These outdated solutions frequently have known vulnerabilities that cybercriminals can exploit to steal company data, install ransomware, and compromise your network. The longer tools go unsupported, the wider those access vulnerabilities become.
Security aside, unsupported software also lacks the features and capabilities of its modern comparisons. You wouldn’t drive a car with crank windows and a tape deck in 2024. By sticking with outdated solutions, organizations choose to limit their comfort and capabilities based on the performance of a single tool.
Industries evolve, and the tools used to compete in those spaces evolve with them.
That industry change brings with it a legal expectation as well. As governing bodies continue to dictate how businesses manage privacy and sustainability, the regulations for how organizations are legally required to handle data have drastically shifted. Unsupported software rarely accounts for modern policy—particularly in regions like EMEA.
You wouldn’t drive a car with crank windows and a tape deck in 2024.
WHY CYBERSECURITY MATTERS
Without distinct digital assets, it’s easy for construction organizations to assume they may not be a target for cybercriminals. The reality is every organization has value. Cybercriminals target personal information and financial data and can encrypt and ransom project files.
The Federal Bureau of Investigation reported that, in 2022, it received over 800,000 cybercrime-related complaints, amounting to over $10 billion in losses, for an average of $12,500 per incident.
98% of organizations work with at least one vendor that’s experienced a breach in the last two years. Third-party vendors often exhibit weaker security protocols, making it easier for bad actors to access their network and then use that access point to reach a larger target. The vendor then risks a substantial financial loss, ruining a partner relationship, potential litigation, and a blow to their reputation because their cybersecurity measures failed to protect both parties. By ensuring software is supported and up to date, we limit company exposure and liability and protect our colleagues and partners.
98% of organizations work with at least one vendor that’s experienced a breach in the last two years.
800,000
In 2022, the Federal Bureau of Investigations reported it received over 800,000 cybercrime-related complaints
98% of organizations work with at least one vendor that’s experienced a breach in the last two years
$10b
Cybercrime-related complaints, amounted to over $10 billion in losses in 2022