After releasing the May Android security update for the Nokia 5, Nokia 6, Nokia 8, and Nokia 1, HMD Global has released the May Android Security update for Nokia 2 as well. The update is just 88 MB in size. You will be notified once the update is available for your device. You can always manually check for the update by going to Settings > About Phone > System Update.
What's new in this update
This new update for Nokia 2 just brings the Google's May 2018 Android Security patch. You can find more about Google's May Security update at Android Security Bulletin.
HMD Global also promised of releasing the Android 8.1 Oreo update for the Nokia 2 and I assume the update to arrive in the month of June. :)