Keeping your tech updated could save you a lot of money in a data breach

Update
(Image credit: Geralt / Pixabay)

A new report from cybersecurity firm Kaspersky has emphasized the importance of keeping your tech updated. The firm's study found that the financial damage of a data breach is often significantly greater for organizations using outdated digital solutions.

The report found that businesses that fail to make timely updates lose 47% more money when suffering a data breach compared to those that commit to regular updates. For small and medium-sized firms, the financial damage can be as much as 54% higher.

“Any additional costs for business are of course critical, especially now,” Sergey Martsynkyan, Head of B2B Product Marketing at Kaspersky, commented. “The global economic situation is unstable because of the pandemic and investments in IT and IT security are predicted to decrease. This is why in this year’s ‘IT Security Economics’ report we wanted to explore how businesses can reduce the burden in case of a cybersecurity incident. It offers strong reasoning why the issue of obsolete software is so important. Even if it is impossible to get rid of it overnight, there are still some measures to mitigate the risk. Companies can not only save money, but also avoid other potential consequences - which is crucial for any business.”

Update regularly

Despite the risks of using obsolete and unpatched software, it is surprisingly common, with almost half of all organizations using some form of out-of-date technology. Often businesses cite compatibility issues, an unwillingness from employees to use newer tools, and the fact that some solutions are owned by members of the c-suite as reasons for not installing updates.  

In order to minimize the risk posed by data breaches, businesses should make sure that the latest versions of all operating systems and applications are installed, patch management features in endpoint protection solutions are enabled, and security training is offered to IT managers.

For many businesses, the financial impact of a data breach can be devastating – costing $1.225 million on average for businesses using outdated technology. What’s more, the reputational damage incurred can last long into the future.

Barclay Ballard

Barclay has been writing about technology for a decade, starting out as a freelancer with ITProPortal covering everything from London’s start-up scene to comparisons of the best cloud storage services.  After that, he spent some time as the managing editor of an online outlet focusing on cloud computing, furthering his interest in virtualization, Big Data, and the Internet of Things. 

Latest in Security
An American flag flying outside the US Capitol building against a blue sky
The FCC is creating a security council to bolster US defenses against cyberattacks
Image depicting hands typing on a keyboard, with phishing hooks holding files, passwords and credit cards.
Microsoft warns about a new phishing campaign impersonating Booking.com
Ransomware
Microsoft uncovers sleuthy new XCSSET MacOS malware campaign
Computer Hacked, System Error, Virus, Cyber attack, Malware Concept. Danger Symbol
Meta warns of worrying security flaw hitting open source type software
Hand holding smartphone and scan fingerprint biometric identity for unlock her mobile phone
Biometrics add another layer of security to passwordless authentication
Data leak
Hacked Tata Technologies data leaked by ransomware gang
Latest in News
Google Gemini Flash 2.0 Images
I tried Gemini's new AI image generation tool - here are 5 ways to get the best art from Google's Flash 2.0
An image of the Samsung Galaxy S25 Ultra from a hands-on event
Samsung Galaxy S26 Ultra could resurrect an intriguing camera feature
Eurocom Raptor X18
At $15,000, this massive 256GB RAM laptop makes Apple's MacBook Pro look affordable, tiny and very, very slow
Cristin Milioti in Black Mirror season 7
Netflix launches trailer for Black Mirror season 7, giving us a look at its first-ever sequel episode and an unexpected returning character
A graphic of the PC Gaming Show
Get ready for a bounty of PC games on June 8, as the PC Gaming show is back
A close up of The Daily podcast from Pocket Casts' web page
‘Podcasting shouldn’t be locked behind walled gardens’: Pocket Casts slams Spotify and makes its web player free to all