iOS 14.7.1 released exactly one week after the launch of iOS 14.7. It is termed as an emergency update for users with older Touch ID-equipped iPhones. According to the reports, users with older iPhones were not able to unlock their apple watch from these older iPhones.
Apart from Apple watch unlocking bug apple has also fixed a security vulnerability which can be exploited. According to media reports this fixed vulnerability can allow an application to run a malicious code with kernel level privileges. Same type to secure vulnerability is also fix in latest release of macOS 11.5.1 software.
Apple is recommending this update for all users. If you have not received the update notification to update to iOS 14.7.1 on your iPhone or iPad, you can manually check for the update by going to settings app and tapping “general” and then ”Software” Update.