Open source software (OSS) is becoming increasingly popular and widely used by companies of all sizes, but a challenge for businesses. One of the biggest challenges is ensuring the software is used in compliance with the licenses of each component. This is particularly important for companies involved in mergers and acquisitions, as they need to ensure the software products are secure and compliant. An open source software audit is an important first step to overcoming this challenge.
An OSS audit can help identify any OSS components in the software products, ensure that they are being used in compliance with their respective licenses, and help prevent any legal issues or security incidents. It also helps ensure that the software is up-to-date and secure. Furthermore, an OSS audit can help identify any cost savings associated with the use of OSS components and ensure that the software products are in line with industry standards.
The following 6 steps should be taken to run a successful OSS audit:
1. Inventory: Identify all the open source components used in the software system, including libraries, frameworks, and tools, as well as their versions.
2. License Review: Review the licenses of each open source component to determine if the terms are compatible with the organisation’s usage and distribution requirements.
3. Security Review: Review the security of each open source component to identify any known vulnerabilities and determine if there are any mitigation strategies or patches available to address them.
4. Compliance Review: Review the compliance of each open source component to determine if it is compliant with any relevant regulations or standards, such as HIPAA or PCI-DSS.
5. Reporting: Document the audit’s findings in a report, including a summary of the open source components used, their licenses and security status, and any compliance issues.
6. Remediation: Implement the necessary actions to address any issues identified in the audit, such as upgrading to newer versions, replacing components with more secure alternatives, or obtaining additional licenses.
It’s essential to have an ongoing OSS audit process in place to ensure that the company’s software products remain compliant and secure. The benefits of an OSS audit are numerous. It can minimise legal and financial risks associated with using open source software, ensure compliance with open source software licenses, and help identify cost savings.
In conclusion, conducting an open source software audit is crucial for any company involved in mergers and acquisitions. It helps ensure that the software products of the newly acquired or merged company are compliant, secure, and up-to-date, the risk of legal and financial issues, protecting the company’s reputation, and potentially identifying cost savings.
Here at Traced, we provide a comprehensive open source audit service that covers everything from inventory, license review, security review, compliance review, reporting, and remediation. Our experienced team will help you make informed decisions about the use of open source software in your newly acquired or merged company while ensuring compliance and security.
Don’t let open source issues impact your transaction. Take action now and request a comprehensive open source software audit with Traced. Our team is ready to help you navigate the OSS landscape and ensure a smooth and successful merger or acquisition process.
Contact us today to schedule your audit and protect your company from potential legal and financial risks.