Are there specific security risks associated with running older PHP versions, and how can developers mitigate these risks?

Running older PHP versions can expose applications to security vulnerabilities that have been patched in newer versions. To mitigate these risks, developers should regularly update their PHP version to the latest stable release, which includes security patches and improvements.

<?php
// Code snippet to check PHP version and display a warning if it is outdated
$required_version = '7.4.0';

if (version_compare(PHP_VERSION, $required_version, '<')) {
    echo 'Warning: Your PHP version is outdated. Please update to at least PHP ' . $required_version;
}
?>