Written by Joe AimonettiApple has released a security update for the iPhone OS to patch the recent threats of an SMS attack.
From the Apple knowledge base article:
"Impact: Receiving a maliciously crafted SMS message may lead to an unexpected service interruption or arbitrary code executionUsers can plug their iPhones into their computers and download the update via iTunes.
Description: A memory corruption issue exists in the decoding of SMS messages. Receiving a maliciously crafted SMS message may lead to an unexpected service interruption or arbitrary code execution. This update addresses the issue through improved error handling. Credit to Charlie Miller of Independent Security Evaluators, and Collin Mulliner of Technical University Berlin for reporting this issue."