This step by step guide by user nixCraft will show you how to download and install security updates on your FreeBSD system. HE also shows you how to backup the local package database and see reports on vulnerable software packages. See the link below for the full set of instructions.

I am a new FreeBSD developer and user. I have root access to my VM running in AWS cloud. How do I update packages and apply security upgrades on FreeBSD? What is the procedure for applying security updates on FreeBSD?

FreeBSD follows the concept of a base system and packages. One can apply security updates to the base system using freebsd-update command. You need to use the pkg command to upgrade FreeBSD packages. Let us see step-by-step instructions for implementing security updates polices for your FreeBSD server or desktop system.

FreeBSD Applying Security Updates Using pkg/freebsd-update: https://www.cyberciti.biz/faq/freebsd-applying-security-updates-using-pkg-freebsd-update/