One of the flaws is a kernel bug (CVE-2022-32894), present in both iOS and macOS. According to Apple, it is an “out-of-bounds write issue [that] was addressed with improved bounds checking.” The vulnerability allows an application to execute arbitrary code with kernel privileges, according to Apple, which, in usual vague fashion, said there is a report that it “may have been actively exploited.”
The second flaw is identified as a WebKit bug (tracked as CVE-2022-32893), which is an out-of-bounds write issue that Apple addressed with improved bounds checking. The flaw allows for processing maliciously crafted web content that can lead to code execution, and has also been reported to be under active exploit, according to Apple. WebKit is the browser engine that powers Safari and all other third-party browsers that work on iOS.