How important is it to update apps regarding security?

New iPhone user here, I got the iPhone 13 pro max.

so I’m talking about all apps but mainly the ones that hold sensitive info like banking information for example. If I don’t update my apps does it make it easier for someone to hack my phone in some way and take that info from an app? Maybe via the app that I did not update. I also have passwords in Notes but those are locked behind a password.

I use my phone to run my reselling business and when I was on android I was paranoid that it would get hacked and info stolen so one of the reasons I moved to iOS is for the security.