Apple has just released iOS/iPad OS 14.4.4 and watchOS 7.3.3 to the general public.
Both updates fix a security vulnerability.
To download the update on your iPhone or iPad, head to Settings > General > Software Update.
On the Apple Watch, the update can be downloaded now through the companion Watch app on your iPhone by heading to General > Software Update in the My Watch portion of the app or on an Apple Watch.
Your watch needs to have more than 50 percent power and connected to a charger. Like most Apple Watch updates, it could take anywhere from 30 minutes to an hour to complete, so be patient.