Along with iOS and iPad 14.4.1, Apple has released a security update for Apple Watch users. You can download watchOS 7.3.2 now.
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.