Make sure you update to:
- iOS/iPadOS: 16.5.1 or 15.7.7
- macOS: 13.4.1 or 12.6.7 or 11.7.8
- watchOS: 9.5.2 or 8.8.1
- Safari 16.5.1 (for macOS Big Sur and Monterey)
Consequences of not patching: your device can be hacked just by viewing a malicious web page.
Apple is aware that these cybersecurity holes are under active exploitation in the wild.