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Is COBOL subject to buffer overflows and use-after-free bugs? I honestly don’t know.
I don’t recall the COBOL code I’ve read using pointers.
The problem I am aware of is moreso that the number of programmers that know COBOL is vanishingly small, it … COBOL does not seem to really be taught anymore…
…so if something goes wrong at that level, you may be SOL if you cannot find an increasingly rare programmer that knows COBOL well.