Apple Releases watchOS 7.3.3 With Security Updates
Apple today released watchOS 7.3.3, a minor update to the watchOS 7 operating system that was released in September. watchOS 7.3.3 comes three weeks after the release of watchOS 7.3.2, another minor update.

The watchOS 7.3.3 update can be downloaded for free through the dedicated Apple Watch app on the iPhone by going to General > Software Update.
To install the new software, the Apple Watch needs to have at least 50 percent battery, it needs to be placed on a charger, and it needs to be in range of the iPhone.
According to Apple's release notes, the software provides an important security fixes and should be installed by all users. A security support document says that the watchOS 7.3.3 update addresses a vulnerability that was actively exploited.
Impact: Processing maliciously crafted web content may lead to universal cross site scripting. Apple is aware of a report that this issue may have been actively exploited.
Given that this exploit may be out in the wild, Apple Watch owners should update as soon as possible.
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