OpenSSL has released 1.1.1q and 3.0.5 to fix the vulnerabilities in various versions of OpenSSL. The details of the security update can be found at:
https://www.openssl.org/news/secadv/20220705.txt
Successful exploitation could lead to remote code execution or information disclosure on an affected system.
Patches for affected software are available. System administrators of affected systems should follow the recommendations provided by the software vendor and take immediate actions to mitigate the risk.