Businesses of all sizes rely on a wide range of IT equipment, including some that may be outdated. This legacy equipment can pose a significant cybersecurity risk, as it may be running on outdated software and operating systems that are no longer supported by vendors. This means that security updates and patches are not available, leaving the equipment vulnerable to known and emerging cyber threats.
Why is legacy equipment a cybersecurity risk?
Legacy equipment is a cybersecurity risk
for a number of reasons:
- It may be running on outdated
software and operating systems. As mentioned above, outdated software
and operating systems are often no longer supported by vendors, which
means that security updates and patches are not available. This leaves the
equipment vulnerable to known and emerging cyber threats.
- It may be difficult to integrate
with modern security solutions. Legacy equipment may be difficult or
impossible to integrate with modern security solutions, such as firewalls
and intrusion detection systems. This can make it difficult to implement
essential security measures to protect the equipment and the data it
stores.
- It may be a prime target for
hackers. Hackers know that legacy equipment is often vulnerable to
attack, and they may specifically target businesses that are known to use
this type of equipment.
How to safeguard legacy equipment.
While there is no silver bullet for
safeguarding legacy equipment, there are a number of steps that businesses can
take to mitigate the risks:
- Conduct regular risk
assessments. Businesses should regularly identify and assess the
security risks associated with their legacy equipment. This will help to prioritize
necessary upgrades or replacements based on criticality.
- Implement appropriate security
controls. Businesses should implement strong security controls, such
as access controls, encryption, and network segmentation, to protect their
legacy equipment.
- Use modern security
solutions. Businesses should explore modern security solutions that
are specifically designed to protect legacy systems. These solutions can
help to fill in the gaps and provide additional layers of protection.
- Educate employees. Businesses
should educate their employees about the risks associated with legacy
equipment and promote adherence to security protocols.
Additional tips.
Here are some additional tips for
safeguarding legacy equipment:
- Keep software up to
date. Even if vendor support is no longer available, businesses
should try to keep their legacy software up to date as much as possible.
This can be done by applying patches from third-party vendors or by
developing their own patches.
- Segment networks. Network
segmentation is a critical security measure that can help to isolate
legacy equipment from the rest of the network. This can help to limit the
damage that can be caused by a breach.
- Use intrusion detection
systems. Intrusion detection systems (IDS) can be used to monitor
network traffic for suspicious activity. This can help to identify and
respond to cyberattacks early on.
- Have a backup plan. In the
event of a cyberattack, businesses should have a plan in place to restore
their systems and data. This plan should include regular backups and a
disaster recovery plan.
Additional considerations.
In addition to the general tips above,
there are a few additional considerations for businesses in specific
industries. For example, businesses in the healthcare industry are subject to
strict regulations on how they protect patient data. These businesses should
take extra care to safeguard their legacy equipment, as a breach could result
in a significant compliance violation.
Businesses in the financial sector should
also be particularly vigilant about protecting their legacy equipment.
Financial institutions are a prime target for cyberattacks, and attackers may
be able to gain access to sensitive financial information or even disrupt
financial markets if they are successful.
Businesses may simply
choose to avoid the exposure to cyberattacks by replacing their legacy
equipment and there is help out there. Section 179 of the Internal Revenue Code
(IRC) allows those businesses to deduct the full purchase price of qualifying
depreciable assets, such as equipment and software, purchased during the tax
year, up to a certain limit. This deduction can be a significant tax savings
for businesses, especially those that are making significant investments in
technology.
Here are several examples of technology
that may qualify for the Section 179 deduction:
- Computers
and servers
- Hardware,
such as printers, scanners, and copiers
- Networking
equipment
- Telephone
systems
- Security
systems
- Manufacturing
equipment
- Medical
equipment
The deduction limit for the Section 179
deduction in 2023 is $1,160,000. This means that businesses can deduct the full
purchase price of up to $1,160,000 of qualifying equipment and software each
year.
Here are two other helpful articles on Section 179:
·
The
first article focuses on cybersecurity investments and Section 179. You can
read more about it here.
·
The
second article identifies several helpful tips for small businesses who are
looking to upgrade equipment or software. That article can be found here.
If you would like to learn more about
Section 179 or schedule a risk assessment with Vector Choice, you can start by
scheduling an introductory 10-minute Discovery Call and we would be happy to
help.
