Is your organization currently bleeding money due to its reliance on outdated technology? The answer is likely yes. A recent survey by Deloitte revealed that a staggering 82% of companies failed to meet their cost-reduction targets last year, with an inefficient technology infrastructure being the primary culprit.
The 2024 poll of nearly 300 business leaders on business margin improvement and technology transformation efforts revealed that challenges with their technology infrastructure are the biggest barrier to organizations seeking to improve margins by cutting costs. This same study found that over 50% of the respondents reported that leveraging data and generative AI strategies for improving margins would be their focus for 2024.
The Cybersecurity Implications of Outdated Technology
What does this tell us? Organizations are eager to adopt new, automated, AI-powered ways of doing business to save money and improve efficiency but are held back by antiquated technology. However, the risks go beyond just financial inefficiency—outdated technology can also leave your business vulnerable to cyber-attacks.
Legacy systems, typically categorized as technology that’s at least a decade old, are not only expensive to maintain but also increasingly insecure. They are often incompatible with the latest cybersecurity measures and lack the capability to defend against emerging threats. As new, more sophisticated cyber threats arise, older technology becomes a liability, unable to keep up with the necessary updates and security patches.
The Compliance Factor
Moreover, relying on outdated technology can lead to non-compliance with industry regulations and standards, which are continually evolving to address new security challenges. Failure to comply with these regulations can result in hefty fines and damage to your organization's reputation.
Why Upgrade Now?
So, why do business owners put off updating technology when the data clearly shows that it will positively impact productivity, security, and compliance? The main reason is often sticker shock. However, the costs of maintaining old technology and the potential fallout from security breaches or compliance failures can far outweigh the investment in new systems.
Plan Your Upgrade with Expert Guidance
The transition to modern technology can seem daunting, but it doesn't have to be. An experienced Managed Security Service Provider (MSSP) can help you navigate this process, providing a thorough assessment of your current systems and creating a roadmap for upgrades that prioritize both efficiency and security.
Get a Free Network Assessment
If you’re looking to upgrade your technology or are just tired of slow, outdated tech and want to see what the next step could look like, we offer a FREE Network Assessment. Our experts will evaluate your current system, identify vulnerabilities, and recommend upgrades that align with best practices in cybersecurity and compliance. To book your assessment, call us at 517-928-2436 or click here to schedule now.
