Hi Paula,
Yes, websites running Magento 1 are now unsupported by Adobe/Magento. There are no new patches being provided by the original software publishers. This is an issue for security as well as for compliances like PCI compliance.
The best long-term move is to plan to upgrade to a new platform, whether or not that's Magento 2. However, that takes time and money. As you're currently on Magento 1, the best thing that you can do is protect your site until you can migrate to something else.
So your website won't shut off, but as vulnerabilities are discovered, you won't be getting any security patches either. You may also have issues with your payment processors if you accept credit cards - according to the PCI compliance rules, you're expected to keep your website patched.
However, there are vendors that can help. Some are listed in an article from the Magento Association:
https://www.magentoassociation.org/commerce-co-op/full-article/magento-1-post-eol-resources-1
If you're trying to learn more about what to watch out for, here's a good eBook resource:
https://www.bolt.com/magento-1-end-of-life/
If a more concise checklist would be helpful, check out:
https://blog.clear.sale/magento-1-end-of-life-a-helpful-checklist
and, if you're looking for more information on where things stand, and how we got here, check out this article which includes links to lots of additional resources: https://medium.com/@robert.r/magento-1-is-dead-long-live-magento-1-dbb245382a85
Lastly, I'll mention that Mage-One , which began publishing Magento 1 patches after June 30, 2020, has already released 2 patches, with more on the way.
Best of luck!
