I used to work for a company that had an internal tool. It wasn't used anymore, everyone that worked on it was long gone, the source code was "lost".
There was some emergency and someone needed to use the tool to look at some old data. Lots of panic and people claiming it was impossible.
I opened up the executable in ollydbg, patched the executable so it worked properly, and life went on.
I'm sure the source code wasn't lost, it would have been on a tape backup that people were too lazy to try and recover.
If the source code is available then it's even significantly easier. I don't buy this whole "nobody knows how to update the code" reasoning.
If the code can't be updated, it's a matter of incentives and prioritization.