CYBER RISKS
• new software lacks necessary features
• limited resources
• migration challenges
• lack of accountability for replacing software
This is especially true when EOL systems are still functioning . However , continuing to use EOL software also comes with a myriad of risks , such as the following :
• Heightened cybersecurity risk — Without security fixes from the developer , EOL software becomes riddled with security hazards that hackers are often quick to exploit .
• Software incompatibility — New applications will be designed for current software , meaning EOL software is often unable to accommodate newer apps . Organizations that continue to use EOL software will likely have to hold onto legacy systems and applications even when newer and better versions become available . This poses additional risks as out-of-date applications may soon reach EOL as well .
• Inability to stay in compliance with regulations — Regulations requiring companies to meet minimum data security standards are on the rise . As a result , organizations that use EOL software and fail to adequately protect sensitive customer data may be deemed noncompliant . Consequences may include fines or company shutdowns .
• High operating costs — Attempting to maintain , patch , and bug-fix EOL software without developer assistance can be costly . In some cases , the cost of trying to patch EOL software may exceed that of replacing old software to begin with .
• Poor performance and reliability issues — If your organization is running out-of-date software , there is an increased likelihood that your software or systems could break down . Such failures can result in costly downtime and additional operating costs .
Proactive management is a necessary step to prevent unwelcome surprises and keep your organization secure .
MANAGING EOL SOFTWARE
Although many organizations are prepared for the initial lifecycle stages that come with introducing new products , few businesses are prepared for what will happen when it inevitably comes time for these software components to be phased out . Consider the following tips for EOL management :
• Create a life cycle management plan . Effective planning for EOL reduces cybersecurity vulnerabilities , lessens the risk of downtime , and helps companies remain compliant with regulations . Your life cycle management plan should include all aspects of a product life cycle , beginning with the introduction of new software to EOL and extending to plans for phasing out unsupported software .
• Understand device history . Use device management software that will automatically capture important information about devices when they connect with the network ( e . g ., model number , IP address , certificate status ). Such software can provide your organization with a highly detailed network overview and will enable your organization to push software and firmware updates , certifications , and other necessary upgrades to thousands of computers on your network simultaneously .
• Monitor EOL status . Stay current on EOL notifications regarding all critical components of your organization . Most major suppliers have lifecycles for products and product components , including EOL dates . Best practices suggest reviewing the EOL dates of new software before selecting it for current use . Planning for EOL will help your organization avoid any surprises about when devices or software will no longer be supported , enabling your organization to plan and budget for the replacements .
• Maintain consistent cybersecurity practices . Ensure compliance with cybersecurity best practices . Some areas to consider include policies surrounding changing default passwords , password strength , compliance with regulations ( e . g ., Health Insurance Portability and Accountability Act , Payment Card Industry Data Security Standard , and National Defense Authorization Act ) and how frequently risk levels are assessed .
• Communicate early and clearly . Inform customers of all upcoming EOL issues and your plans for addressing them . Being communicative and transparent can help your organization improve customer loyalty and trust during EOL transitions .
CONCLUSION
It ’ s evident that EOL software exposes organizations to heightened levels of risk . Additionally , many insurers will ask for information on EOL management as a prerequisite to obtaining cyber insurance . Through proper planning and device management , businesses can stay sufficiently protected against these known cyber vulnerabilities .
For more risk management guidance , contact us today . +
29