The New Year is a time for resolutions and fresh starts. This makes it the perfect time for your New York-based business to update its tech infrastructure and make sure it’s prepared for the challenges of the year ahead.
And while updating your IT infrastructure may seem like an expensive investment, the risks of not doing so are even more costly. Here are six dangers that your business might face if you don't update your IT infrastructure in the coming year.
1. Compromised customer data
In 2023, some businesses will still use outdated technology like Windows 10 21H1, which will reach its end of servicing on December 13, 2022. This will leave them vulnerable to cyberattacks since cybercriminals often exploit security loopholes in outdated software to get into companies’ internal systems. And if a hacker is able to access the business's network, they could leak, steal, or damage customer data.
By updating your tech infrastructure, including your apps and software, you can ensure that customer data is protected from cyberthreats.
2. Lower revenue
Without a reliable IT infrastructure, your business will struggle to keep up with the competition. For instance, experts predict that eCommerce will continue to boom in 2023. If your company doesn't have the necessary tech to support secure online transactions, then you may not be able to make the most of eCommerce and miss out on potential sales.
Update your systems and, if necessary, introduce new tech to stay competitive and avoid missed opportunities.
3. Lost customers
Outdated technology may make it inconvenient for customers to transact with you, driving them to do business elsewhere. For instance, a Lexis Nexis research shows that 60% of businesses lost customers because of failed payments.
It's therefore critical to update your infrastructure to ensure that everything works as it should, which will keep your customers satisfied.
4. Increased downtime
When your IT infrastructure is out of date, your business will likely experience more downtime. This is because your systems will be less reliable and more vulnerable to crashes and other malfunctions. And when your systems are down, your employees can't get work done, which can lead to lost productivity and revenue.
Upgrading your IT infrastructure will allow you to benefit from new features and improved performance, leading to fewer downtimes.
Related reading: The 5 most common causes of server downtime and how to prevent them
5. Compliance struggles
As technology advances, businesses must ensure that their systems comply with ever-changing laws and regulations. Unfortunately, outdated tech may not meet these new requirements.
For example, some businesses still use Data Encryption Standard (DES). DES can only handle 56-bit keys and does not meet the encryption standards set by the National Institute of Standards and Technology, which requires Advanced Encryption Standard with at least 128-bit keys.
If you want your business to remain compliant with regulatory standards and protect your business from penalties resulting from noncompliance, you should look into updating your tech infrastructure.
6. Greater expenses
Upgrading your IT infrastructure is necessary if you want to stay competitive in 2023. For instance, there is a growing customer preference for chatbots to address immediate concerns. Investing in this technology will be much cheaper than hiring full-time internal customer support staff to answer queries 24/7.
What's more, if your outdated IT infrastructure causes frequent downtime, it could cost you a lot of money. This could put a strain on the company's budget and affect its ability to grow.
These are just a few of the dangers you risk facing if you don’t update your IT infrastructure in 2023. If you're not sure where to start when it comes to improving your tech, a managed IT services provider like Online Computers can help.
We can assess your current system and recommend the best course of action for keeping your infrastructure up to date. We can also implement necessary upgrades and ensure that everything is running smoothly.
Leave the Technology to Us™. Get in touch with our business IT team today.