PHP versions 5.4 and 5.5 are currently deprecated. The reason for that is huge security vulnerabilities that occur when using these old PHP versions.
It is very important that the default version of PHP is 7.1, the reason for this is multiple.
First of all, PHP 7.1 improves page processing speed and thus faster loading. It uses fewer resources, thus less server load and faster site loading.
Huge security advantage and more secure sites.
Will it affect the sites hosted on the server?
To a great extent no. All those who have modern CMS solutions such as WordPress will not feel the transition because all themes and add-ons ie plugins that are regularly updated already support the newer version that has been out for a long time, so there won't be any problems.
The only ones who need to check are those who have specially programmed sites and check if they agree with the new version. If this is not the case, from cPanel they can return to 5.6, which was until now, and then slightly modify the sites to work on the newer version 7.1. So they won't have any problems either.
By doing this, we show that the security of data and all sites on our server is the highest priority.
In addition to all this, you can contact us on LiveChat for any advice if you need it, we are here from 9 in the morning to 1 in the evening.

