Not very good news for Steve Jobs and his crew. A crew of researchers from the Independent Security Evaluators has revealed an alarming security flaw with Apple's iPhone. The said security vulnerability (completed by going through a WiFi connection or by tricking users into going to a website that contains malicious code) traces its roots from Apple's Safari web browser.

While demonstrating the exploit via malicious websites, the said hack-for-profit firm was able to infiltrate the iPhone's administrative access thereby allowing them to manipulate SMS logs, go over address book, check call history, listen in on room audio, and even see email passwords. And if the Independent Security Evaluators is to be believed, that's just the tip of the iceberg.

The only available measure against it right now is to closely monitor the sites users visit via their iPhone - something that's way easier said than done. Apple perhaps acknowledging that this security problem could have dire implications to the overall marketing of their product line, is already reviewing the report of the researchers along with their proposed fix.

Independent Security Evaluators is a company that tests its clients' computer security by hacking it themselves. They're planning to hold a a full disclosure of the hack at the upcoming (August 2) Black Hat conference. You can watch their video below: