The correct spelling is "flaws".
Yes, "software" is correct.
They are called vulnerabilities.
disgruntled employeeSoftware Flaws
a
A defect is an error or a bug, in the application which is created. A programmer while designing and building the software can make mistakes or error. These mistakes or errors mean that there are flaws in the software. These are called defects.
A Security Patch
One of two generally accepted methods: Patches and Updates. Patches being small changes to the program that are much smaller in scope than wholesale Updates, which are much more sweeping in their changes and often result in a version number change (i.e. Version 1.0 to Version 1.1)
Even with the correct software a backlog still requires a certain amount of human upkeep. Mountain Goat Software is a company, though, that provides users with the correct software to help keep a backlog.
The correct spelling of the plural noun is one word, shortcomings (weaknesses, flaws).
Businesses hire social engineers to test flaws in their business security policy so that the business may correct these flaws before someone exploits them for profit.
If it is compatible with your system, does the job you need it to do, and doesn't have any security flaws or major bugs, then yes.