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I manage several websites running on legacy php 5.6 and old framework codebase.
The time and cost to upgrade these sites would be too much for our budget. These are front end, basic sites without any commerce but lots of pages.

What are realistic problems and risks I may face if I decide to hold on to legacy code after the cut off period next year?

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    Problems, likely none. Risks, if vulnerabilities are found in the 5.6 code stream they won't be fixed which could leave you vulnerable. – Dave Sep 20 '18 at 14:51

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