Firmware updates fix security issues, add features and improve compatibility. Keeping your device updated is part of good security.
Make sure your recovery phrase is safely backed up. A failed update should not cause data loss if you have your phrase, but verify it first.
Connect your device and open the Manager section in Ledger Live.
Ledger Live will show if a firmware update is available for your device.
Confirm the update on the device screen and let it complete without unplugging the device.
Reinstall any apps if prompted and confirm your accounts still show correctly in Ledger Live.
Updates are quick and important. Always have your recovery phrase backed up before updating, just in case.