Regularly installing software patches and updates or operating system updates is an important part of keeping your comptuer systems healthy. Provided your software or operating system are still supported by their manufacturer, then its very likely that regular updates will be available.
Potential attackers will seek to take advantage of security flaws in computer systems, known as software vulnerabilties. Operating system updates and software patches frequently provide fixes for newly discovered software vulnerabilties and help to make sure your system is secure.
On Mac systems, Update Now installs the latest available software patches whilst Upgrade Now installs the latest major revision to your operating system.
With the understanding that poor frequency of updates can lead to major security vulnerabilties over time, your place of work likely maintains a software vulnerability scanning practice. This means that any devices managed by your employer are likely frequently communicating with the vulnerability scanner to alert your IT Department of any major security flaws.
If your employer issues any guidance on software and system updates, you should ensure that you always comply with this guidance. If you are contacted by your employers IT Department regarding out of date software, they have probably detected the software through vulnerability scanning so dont be alarmed!