iPhone! Botnet!
Those two words are likely to get people's ears up. The qualifier is that the security hole is with unsecured jailbroken iPhones. The equivelant in the computer world would be telling everyone to set the root password to "alpine" and enable root access. Then put your computer on the Internet without a firewall.
If you jailbreak your iPhone and don't change your password, it is the equivelant to physically giving it to a malicious hacker.
It is important to note that standard, non-jailbroken iPhones or iPod touches are not at risk; it is extremely dangerous to jailbreak an iPhone because of the vulnerabilities that this process creates. (Estimates suggest that 6-8% of iPhones a