Updated the K8S Conformance tests image tag to the latest

Related-PROD: PROD-37187
Change-Id: I8f75eb0f18cfa4714122c55739b877c2cfec4583
diff --git a/k8s/workspace/init-workspace.sh b/k8s/workspace/init-workspace.sh
index 01e2d0d..e85b0c3 100644
--- a/k8s/workspace/init-workspace.sh
+++ b/k8s/workspace/init-workspace.sh
@@ -30,7 +30,7 @@
             image_tag="1.24.4-2"
             ;;
         "1.27")
-            image_tag="1.27.9-3"
+            image_tag="1.27.16-4"
             ;;
     esac
     echo "$image_tag"