Apple releases iOS 16.5.1; update patches two security flaws and fixes a popular iPhone accessory
The update also patches a vulnerability (CVE-2023-32439) found in WebKit. For those unaware, WebKit is Apple's own browser kit that is used on Safari and other third-party iOS browsers. The security issue is described as one that could lead to arbitrary code execution which could allow a malicious attacker to hack your iPhone and steal your data. Once again, Apple is aware of reports that this flaw has been actively exploited.

Apple disseminated iOS 16.5.1 today for the iPhone, and iPadOS 16.5.1 for the iPad
CVE stands for common vulnerabilities and exposures and the CVE numbers are used to track, catalog, and define software security flaws. Because both of the aforementioned issues might have been actively exploited, you shouldn't overlook this update even if it is not a major release.
The iOS 16.5.1 update is available for iPhone 8 and later, iPad Pro (all models), iPad Air 3rd generation and later, iPad 5th generation and later, iPad mini 5th generation and later and can be installed on your eligible iPhone or iPad by going to Settings > General > Software Updates.
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