You can get the full rundown in that report, but the highlight is that an Israeli company called the NSO group (owned by the U.S.-based Francisco Partners Management) built a spyware package called Pegasus, which takes advantages of three vulnerabilities in iOS.
The spyware is installed by clicking a link in an SMS text message, which essentially bugs your device. Everything from contacts, to emails to browsing history and calendars could be recorded. While iPads don't get texts by default, some users use iCloud to forward texts and iMessages from their iPhones.
To update your iPad to iOS 9.3.5, go to Settings > Software Update and tap "Download and Install," and follow the instructions from there. When you're done, tell your friends and family to update their iPads, iPhones and iPod Touches, too.
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