The last time we heard about the latest Apple gadget that's currently selling like hotcakes, the iPhone, we learned about how Independent Security Evaluators, a firm that tests their client's computer securities by trying to hack into them, has found a very critical security flaw in the iPhone. With the uncovered exploit enabling any hacker to literally take control of the gadget's main features, it should only be common sense for Apple to release a patch that plugs up that particular security hole.

So are they going to release that patch? We're not quite sure. As it is stands, Apple's got a bit of a time limit on their hands to do just that. The Black Hat 2007 Conference - pretty much where hackers and security experts converge to trade secrets and information about cracking and hacking today's latest security measures in the world of computers - is right around the corner, and suffice to say that the discovered exploit in the iPhone will be revealed there.

If that isn't scary enough, think of the consequences - after the conference, hackers will not only be able to make calls and send text messages with your iPhone, but also access your personal information and that of other people's stored in your iPhone. So it's not just your phone-slash-iPod that will be compromised, but your privacy as well.

With that aside, let's all cross our fingers that Apple beats the buzzer and puts up a security patch before the Black Hat 2007 Conference opens next week. Updates as we get them!

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: