Error Response: system software and application are not the latest version
Solution: If your system software and application are not the latest version, please update them to the latest version and see if there is any improvement. If this error occurs after launching a game, delete the game in which the error occurs from Settings > Storage, and reinstall the game. Unplug your PS5 and plug it back. To turn on the PS5 into Safe mode, Press and Hold down the power button on the Playstation 5, until the console beeps twice. Connect your controller with a cable and select "Rebuild Database". If this doesn't solve your problem, try contacting Sony directly or a video game repair shop for further help. Please post below if you were able to solve the issue yourself to help others.