I assume that it's running on Windows XP or Windows 2000. Just kidding. It seems like the end of life for this product was in January 2010. What could go wrong? Running unpatched components made it into OWASP Top 10 for 2014. If you want something more management friendly then NIST has some documents about importance of patch management. I would try to quantify risk of breaching this DB. It really depends on what's stored in DB.
Cheers