‍Software vulnerability management

With on-premise (or client-hosted) collections systems, the end-user is normally responsible for ensuring that security patches are applied to the computer systems that host the software and managing the software's updating cycle.

Even with a support contract that includes updates, much of the disruption and effort of running an onsite update project will naturally rest with the user. To aggravate matters, there is often a significant lag between a security patch being made available and the painful process of software updating and testing. 

During this period, the system may be vulnerable to security attacks that could significantly compromise the confidentiality or availability of highly sensitive personal data belonging to organisations and their customers.

With cloud-native providers such as Flexys, software patching and updating are managed centrally by security experts without significant and risky delays and without costly investment in time and resources by the client.
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Compliance challenges

As data security regulations become increasingly complex, maintaining compliance with legacy collections systems can be a daunting task. Traditional systems place the responsibility for data security compliance squarely on the end user. This includes ensuring that operating systems are up-to-date, securing local data storage, and protecting against unauthorised access.

The security risks of legacy systems are compounded by the difficulty of keeping up with regulatory requirements. Suppliers like Flexys leverage their expertise to ensure that your data is secure and compliant with the latest standards. This transfer of risk and liability from the user to the provider is a critical advantage of modern cloud systems.

Support challenges

Many older collections systems are either very slowly updated or, in some cases, never updated. They often rely on outdated operating systems, browsers, and software, making them increasingly difficult to support. 

As these systems age, finding internal resources capable of managing them becomes a challenge, leading to a reliance on expensive external support from consultancies. The security risks of using unsupported systems cannot be overstated – older systems are more vulnerable to attacks and are difficult to maintain.

In contrast, cloud-native software eliminates the need for local support by always using the latest technology. This not only enhances security but also reduces the total cost of ownership by removing the need for expensive, ongoing support for legacy systems.

Making the right choice for your collections software

As your current collections system nears the end of its useful life, you face three options:

1. Continue using outdated and unsupported software.
This approach carries significant operational and security risks, including exposure to cyberattacks and compliance failures.

2. Agree to a costly upgrade to legacy software.
While this may temporarily delay the issue, it’s a poor investment that doesn't address the core problem, leaving your organisation vulnerable in the long term. 

3. Migrate to a cloud-native collections system.
Future-proof collections software offers improved performance, cost-effectiveness, and enhanced security. By adopting this approach, you can mitigate the security risks of legacy debt collection systems and ensure that your organisation is protected against emerging threats.

Conclusion: prioritise security by replacing legacy collections systems

The security risks associated with legacy debt collection systems make it clear that upgrading to modern, cloud-native software is not just a technical improvement but a crucial step in safeguarding your organisation's financial stability and reputation. 

Don't wait until a breach forces your hand – act now to protect your data, comply with regulations, and streamline your collections process. Speak to our team about safely migrating to the latest collections software in a way that suits your organisation.