Stop everything else. There's a HUGE security issue that this update fixes...
On Friday, Apple quietly released iOS 7.0.6, explaining in a brief release note that it fixed a bug in which "an attacker with a privileged network position may capture or modify data in sessions protected by SSL/TLS." That's the understated version. Another way to put it? Update your iPhone right now.
Oh, and by the way, OS X has the same issues—except there's no fix out yet.
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How Serious Is It?
If you're still scratching your head over what all of this means and how bad it is, the simplest way to explain it is that developers who understand it deeply weren't even willing to talk about it openly, for fear of giving hackers more ammunition than they already had:
Why Apple's Recent Security Flaw Is So Scary