Received iCloud mail stating iPhone's hacked

I received an email on iCloud, which I opened just now. It arrived yesterday, so it has been 24 hours. The email states that my phone has been hacked. The sender mentioned that they have been monitoring me for several days, watching every activity of mine. They claimed to have access to my bank accounts, browser history, WhatsApp, and everything including my personal information, personal pictures, and videos. They threatened to make all of this public within 48 hours if I do not pay them $1150. I just want to ask Apple if it is really possible for someone to hack into my phone like this or if this is a scam. Is Apple’s security so weak that anyone can hack it easily? What is the point of buying an iPhone or any Apple device then? We buy Apple devices because we like them and trust their tight security, knowing that the chances of getting hacked are very low. Please investigate this email and confirm to me how someone can access all my personal information and threaten to leak it.

[Re-Titled by Moderator]