PHP issue?

i got this message, i have no idea what to do about it. Recommendations on what needs to be done would be greatly appreciated:

Outdated PHP version detected. PHP version used by this site has reached End Of Life and is not supported by PHP team anymore. Using outdated PHP versions poses a security risk for your website. Update your PHP version to ensure the security of your site. Open PHP settings.

• This topic was modified 1 year, 12 months ago by Steven Stern (sterndata).

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