July security update not installing on the Pixel, but Google is working on a fix
The update that weighs in at around 60MB is supposed to fix critical bugs and improve performance and stability of the operating system. Unfortunately, if you have a Pixel phone, there's a high chance that you'll be met with an error message saying that there's an installation problem that prevents the update from installing on the handset.
Since many Pixel owners have taking it to Google's Product Forums, the search giant has already confirmed it has acknowledged the problem and it's already working on a fix. Hopefully, the issue will be fixable without a factory reset.
If you don't have a Pixel phone, you can go ahead and download the OTA files or factory images containing the July security update, if you don't want to wait for it to arrive on your device.