Occasionally, the following notification might appear when visiting the Safe Multisig application, coupled with a red dot in the Settings tab.
This means that a new smart contract version is available for your Safe. In order to benefit from the latest security standards and features, you will have to perform a Safe upgrade. In order to do that, you will first have to open the Settings tab.
There you'll find that below the Safe Version, it shows a new button Update Safe. Important: This button only appears when you are connected as one of the owners of this Safe. Clicking this button would open up a window, explaining the changes included in the new contract version.
After clicking Update Safe in this window, you will be asked to confirm the update using your connected wallet. The contract upgrade might have to be confirmed by other owners, depending on your owner settings.
Once all required owners have confirmed, head back to the Settings tab to check if the upgrade was successful.