Earlier in the week JailBreakMe v2.0 was released, which allows iPhone and iPad owners to jailbreak their devices by simply visiting a website. The method used to jailbreak the devices apparently exploited a pretty major security flaw in the iOS PDF viewer.
If left unpatched, the flaw could leave iOS devices vulnerable to malicious websites. These websites in turn could install apps directly to the device which could cause all kinds of havoc from long distance dialing to capturing conversations, email, websites, SMS, and pretty much anything else.
There is good news. Apple is said to have already developed a fix for the security flaw, which will be available in an upcoming software update. When that update will be released is still unknown. [C|Net]