> I'd hate to be the one who refused updating the libraries which caused the security breach and significant loss of data, reputation and money.

The trick is to be working on a different project when that happens. Then it's someone else's fault.

Basically, your career advancement can be slow (if you do the technical work that is necessary to prevent problems, but "has no business value" from the perspective of the management) or fast (if you outrun the problems), but there is no medium speed. If you want a career, you need to commit to it fully.