Some businesses continue to use software that is out-of-date, putting them at risk to viruses and cyber-crime activity.
According to a study by Intel, PCs over the age of three years old are 28% more vulnerable to viruses, and if your business works off laptops of the same age, that figure increases to 58%.
Over 40% of cyber-crime attacks last year were targeted on computers that had been updated 2-4 years prior because, as technology gets older, the companies that build them stop releasing patches to update them.
These patches are sometimes specifically designed to protect against cyber-crime – the very thing you’re opening yourself up to by keeping old technology.
Take Microsoft Windows as an example.
In 2014, they stopped releasing updates for Windows XP and in 2017 they did the same for Vista.
On the 14th of January 2020, Windows 7 will reach its end of life date, or even sooner for those who don’t download a recent security update.
Despite this, recent reports from Netmarketshare suggest that Windows 7 is still being used on 39% of all PCs.
Keeping old technology isn’t just detrimental to your business, it also hurts your business’s reputation.
A study by Boston Consulting Group (BCG) revealed that 90% of customers would take their business elsewhere simply because old technology doesn’t look as good and they don’t trust it.
And then there’s the efficiency of using older technology in the office.
The average worker wastes 2.4 hours every week because of slow or unsuitable technology – equating to 14 days per worker, per year, wasted.
If cost is the only reason you are keeping old technology in the office, then asset finance may be the way to go so you don’t have to take a lump sum out of your working capital.