Apple has released iOS 14.7.1. It contains a patch for a vulnerability that has been actively exploited. That vulnerability is in most modern iPhones and iPads, and allowed an attacker to execute code from a distance.
The update comes out relatively shortly after the previous one; Apple released iOS 14.7 last week. iOS 14.7.1 includes a patch for a vulnerability tracked under CVE-2021-30807. No details are known about this at the moment. Apple itself writes that the vulnerability affects all iPhones since the iPhone 6s, all models of the iPad Pro, all iPads from the fifth generation and the iPad Air 2 and Mini 4 and later. It is a memory corruption bug that allows an attacker to run code with kernel privileges. Apple says the vulnerability is being actively exploited, but as usual, the company will not provide further details.
The new iOS version also fixes a bug in Touch ID that prevents some users from unlocking their Apple Watch using the Unlock With iPhone feature on their phone. This should be possible in the new OS.