Google Pixel phones start getting May security patches0
The most severe vulnerabilities could enable attackers to use various techniques to gain access to your device or steal sensitive data. The May 2020 update doesn't contain any functional changes for Pixel phones, but keeping your security levels up to date is the right call.
If you're a Pixel user, you can try and trigger the update by going to Settings and selecting Check for updates. If you don't want to wait for the OTA update, you can download the full image from this page and try to install it manually, although the process is far from straightforward.
To learn how to check a device's security patch level, see Check and update your Android version.