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According to Apple, the update resolves “a memory corruption problem” by introducing “better memory management”. The problem, according to the watchOS release notes, could potentially allow an application to “execute arbitrary code with kernel privileges.”
The patch notes go on to explain, “Apple is aware of a report that this issue may have been actively exploited. “
Overall, this is a minor update for watchOS 7, which first released on Apple Watch devices in September. If you have a supported Apple Watch model, you can update it by launching the Apple Watch app on iOS and going to the Software Update menu. You will need to charge your watch battery before the update starts.
A few days ago, Apple released the macOS Big Sur 11.5.1 update for Mac computers which fixes the same IOMobileFrameBuffer issue. If you have a Mac that is running Big Sur, be sure to install this update as well to keep your device safe.