It's already outdated. The latest version of Magento 1.x (as of this writing) is 184.108.40.206; 220.127.116.11 was released four years ago.
I hope you're keeping up with security patches. I recommend running your site through http://magereport.com to see what comes out. If you don't know or things come up red, find help to check your site out. There have been a lot of hacks going around, and there's a very high likelihood that any site missing one of a couple particular patches (5344, 6482) has been hacked.
Following that, you should strongly consider updating to the latest 1.x release. It will be a relatively easy jump, and makes sure you aren't missing any features or security fixes.
Switching to Magento 2 won't do a whole lot for you in terms of enhanced PCI compliance. It uses basically the same techniques. However, you would have to basically completely rebuild your site to actually upgrade to it.