Vulnerabilities exists in all platforms and systems, if you are using any application you need to have the latest version to be sure that there is no bug risks working with it. If we are talking about security than this may affect the availability of this application so any vulnerability can crash , confidentiality of data used by this application here you can use an outdated encryption that risk data owner.
To assure your safety you need to consider PSI from Secunia http://www.secunia.com/vulnerability_scanning/personal/ this tool will detect all vulnerabilities on windows based operating system and provides a link to patch the bug, some people try to keep their system updated with enabling the automatic update on windows system , this is not enough as you can have bugs in other application and that contain high risk of getting new malware. For example pdf reader by adobe has several vulnerabilities that allow attacker to get a remote control on victims windows fully patched system.
“Timely patching is the only solution to these types of attacks. Patches are offered free of charge by most software vendors; however, finding all of these patches is tedious and time-consuming. The Secunia PSI removes the complexity of this task so that you can shop, bank, and socialise online, safely.”
If you are looking for a suitable and easy to use tool than it is Secunia Personal Software Inspector (PSI) , it is freely available and can get you the best result to make your virtual life safe.