Hello everyone,
We have implemented all updates regarding the PHP version. Now we are worrying about data loss or website functional error that may occur at this time.
Can someone support the update or can we easily do it ourselves?

You would not lose data by changing your PHP version. If you are unsure on how to update PHP you should contact your hosting company. As always, you should take complete backups before starting any large process, so if you are upgrading during this process, you should backup fully before you begin