The latest software update for iPhones fixes security issues that might be actively exploited.
To download iOS 16.5, go to Settings > General > Software Update and follow the onscreen prompts.

The latest iPhone update patches almost 40 issues and bugs, Apple said in its patch notes, including three security issues that might be actively exploited. These three security issues relate to WebKit, the internet browser engine used in Safari and developed by Apple.

One of these issues could disclose sensitive information to a third party, and another could allow a third party to execute commands on your device without your knowledge. Fixes for these issues are in 16.5 for anyone who missed the release of the first iPhone Rapid Security Response, iOS 16.4.1 (a). The third issue could allow a third party access to more information across your device than is allowed.

The iOS update also patches an issue where someone could access your contacts from your lock screen. While Apple has provided ways to customize your lock screen, some people have run into issues where the lock screen can allow others to access some iPhone features, like replying to messages and even your Wallet.

Other patches in the update include stopping some apps from bypassing privacy preferences, blocking some apps from reading sensitive location information and preventing app termination when opening a PDF file.

For more, you can check out what new features iOS 16.5 brings to your iPhone and what features you may have missed in iOS 16.4.
Apple released iOS 16.5 on Thursday, almost two months after the release of iOS 16.4. The latest iOS update provides a few new features to your iPhone, like a new sports tab in the Apple News app, but you should really download the update for all the security patches and fixes it includes.