Ipswitch TFTP Server Directory Traversal Vulnerability

The host is running Ipswitch TFTP Server and is prone to directory traversal vulnerability.
Successful exploitation will allow attackers to read arbitrary files on the affected application. Impact Level: Application
No solution or patch was made available for at least one year since disclosure of this vulnerability. Likely none will be provided anymore. General solution options are to upgrade to a newer release, disable respective features, remove the product or replace the product by another one.
The flaw is due to an error while handling certain requests containing 'dot dot' sequences (..), which can be exploited to download arbitrary files from the host system.
Ipswitch TFTP Server Version and prior