Could someone reconfirm, if magento 1.8 is running php 5.3 but has all the latest SUPEE patches installed. Is it CRUCIAL to install php 5.6 or even php 7.0 ?
I am afraid the maximum php version magento 1.8 can handle is 5.4 (with patch). 5.5-5.6 may cause extension to break.
Is it a high risk leaving at 5.3 or possibly update to 5.4 but always keeping store patched with latest SUPEE? I realized almost 25% of the web run 5.3 at 2017. To my knowledge SUPEE patches prevent magento form being hacked, but outdated PHP framework vulnerabilities usually compose of DoS attacks.