Apple’s latest software update for phones and tablets is minor, but it should probably be installed right away despite this.
iOS 14.4.1 and iPadOS 14.4.1 serve the same purpose. Still, it’s important: fixing a bug in WebKit, the Safari rendering engine, that could lead to the execution of arbitrary malicious code when handling maliciously crafted content.
This is the last thing I would like, so it is important to upgrade to this version as soon as possible. The crux of the problem is that WebKit had a memory corruption issue, but now that loophole has been closed.
The download should already be available for all supported iPhones and iPads through Settings> General> Software Update. You can go there and download if, for some reason, you haven’t received the update notification.