If it feels like you only installed the last iOS update the other day, you're right.
But it's time for another update, as Apple pushes out iOS 14.7.1 to fix a weird bug and to patch even more security vulnerabilities.
Must read: Don't make this common, fatal iPhone or Android mistake
The release notes have the following to say:
iOS 14.7.1 fixes an issue where iPhone models with Touch ID cannot unlock a paired Apple Watch using the Unlock with iPhone feature. This update also provides important security updates and is recommended for all users.
The Touch ID bug is detailed here.
There's no word as to what the security fixes are yet, but they will be detailed here when released.
To install the update, go to Settings > General > Software Update and download it from there.