Magento has officially sunset the Magento 1.x version on June 30’ 2020, and it would no longer have support, updates, and security patches for vulnerabilities. Any extensions running with the older version will no longer be supported officially, making it difficult for you to get support for them. There have been repeated reminders from the official Magento community, Adobe, and Payment Gateway companies that process online payments on the risks associated with running on the older version, and users have been strongly recommended to upgrade to Magento 2.x. If you are still running on the older version, and deliberating your upgrade to the current supported version, here’s an overview of the risks that your online business would face.

Risks for running Magento 1.x after June 30’ 2020

1. You will not receive any updates for the unsupported version, including security patches for fixing identified vulnerable issues on your Magento Storefront. This would render your online store open for any malicious hacking attempts, as there have been reports of hackers trying to exploit vulnerabilities in Magento 1.x, and try compromising and accessing your customer data and stored information.
2. You would stand a risk with non-compliance with Payment Gateway directives that require you to operate an online store on a fully supported software platform. This includes PayPal, Visa, and other major Payment Gateways. Such norms are described in the PCI DSS Standards(Payment Card Industry Data Security Standards), and non-compliance with these directives will result in penalties and possible suspension of online payments on your online store. This would seriously risk your business credibility and continuity; apart from the associated losses that you would be legally liable for-in case your customer data or payment information has been compromised.
3. You would be eroding the trust your business and brand has cultivated over the years if your customers perceive your site as insecure, and that would make them move away to your competitors.
4. You would have to spend a substantial time identifying and working with third-party developers to maintain and troubleshoot issues on your Magento 1.x website. This would decrease your operating efficiency apart from having a substantial cost and risk factor, as many third-party developers would charge you a premium for working with an outdated platform, and might not be able to deliver as required.
5. The current Magento platform 2.3.5 offers many extended features such as faster loading speeds, ease of maintenance, and many more through its core version and the regular updates that are officially released. You will miss on all the new features and support that the current version offers, and would be stuck with a compromised and vulnerable store-that would not help you withstand competition.
6. You would have to periodically apply for a PCI Compliance re-certification, which requires your online store to pass security checks and have enforced security measures that are no longer officially offered. Dependence on a third-party developer or a Magento development firm can help you to an extent, but we strongly suggest you to weigh the benefits and ease in upgrading to Magento 2.x, rather than spending precious time and resources trying to keep your store running with the older version.

Exinent understands that during this current economic slowdown, which has coincidentally been during the upgrade deadline of June 30, many online store owners will have a challenge allocating funds for the migration to Magento 2.x. As a migration requires professional help and an upfront investment, it would be deterrence for many business owners who would deliberate on the cost aspects during this slowdown.

Fortunately, we have a solution for you. We offer flexible migration plans without a huge upfront investment so that you can upgrade and pay the charges over a period of time, rather than paying it upfront. Many online stores have taken advantage of our COVID-19 Magento Flexible Migration plan, and you can also avail the benefits of migrating to Magento 2.x without any huge upfront investment. We have successfully migrated hundreds of online stores to the current platform and can help you get the best eCommerce advantage for your online store. Do get in touch for more information on Magento 2.x migrations.

Exinent has been in the forefront of Magento Consulting, Development, Migration, Support, and Maintenance since the past decade. We have successfully scripted success stories for hundreds of eCommerce stores. If you wish to discuss on Custom Magento Development, Migration, Consulting, Security and Audit services, do Contact Us and we will be glad to help you.