Story from macnn.com
Apple on Friday released iPhone firmware v3.0.1, following reports of a security vulnerability involving SMS messaging. The bug, exposed at the recent Black Hat security conference, allowed maliciously-crafted text messages to remotely disable or control an iPhone.
The vulnerability relates to a memory corruption issue when decoding SMS messages, enabling a hacker to execute code without alerting the iPhone owner. Apple fixed the flaw for the iPhone firmware, although the same vulnerability reportedly affects Android and Windows Mobile platforms as well.The firmware update can be downloaded through iTunes via the “Check for Update” button.
I highly recommend anyone with an iPhone to do the update. I believe google has also issued an update for Android phones. So far nothing from Microsoft.