I inherited this switch when I took over IT Management for my current employer. I know very little about it. Yesterday I successfully reset the cisco password via serial cable. Now that I can login to the web UI, I see the firmware is quite old. It is 220.127.116.11 - current release firmware is 1.4.2.04. I am not aware of any issues with the switch, but not sure whether I should update the firmware anyway. The last thing I need now is for the update to cause any issues as we don't have a spare switch if something goes wrong.
I guess it depends on what you want to do with the switch and your tolerance for risk.
If you just plan to plug it in basically default, I probably wouldn't waste time doing anything else.
If you plan to use some features then I would probably update it. You will want to review release notes for the upgrade procedure because there is a new boot image you need to install via tftp before getting to the current firmware.
There is very little risk with updating, but as with anything there is a greater than zero chance of having some issue come up..
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