Download the latest system software update for your PlayStation 4 system.
An update to the system software for PlayStation 4 systems was released on 3 December 2014. You can use this to update your system software to version 2.03.
A system software update for your PS4 system is required to use PSN features and some features on your system. Also, by updating the system software of your PS4 system, you can enjoy various additional features and enhanced security. We recommend you always update to the latest version.
Main features in system software update version 2.03:
Operation quality during use of some applications has been improved.
Depending on the software title, you may not be able to play without first updating the PS4 system software.
Do not perform updates using any data other than the official update data provided by Sony Computer Entertainment over a network or on disc media, and do not perform updates by methods other than those described in the product documentation or in this site. If an update is performed using data from another source, by another method, or with a PS4 system that has been altered or modified in any way, the PS4 system may not operate properly and may not be able to install the official update data. Any of these actions may void the PS4 system warranty and affect your ability to obtain warranty services and repair services from Sony Computer Entertainment.
Source: Sony PS4