Peter Wood is the CEO of First Base Technologies, one of the first ethical hacking firms. He discusses how unpatched systems leave organizations vulnerable to attacks from both external and internal actors. Exploits of unpatched systems can result in information theft, malware infection, and unauthorized control of systems, leading to consequences like reputational loss, loss of competitive advantage, and remediation costs. The document provides examples of exploits against unpatched FTP servers, sendmail servers, and routers.