During a presentation at the SyScan conference in Singapore, Miller announced the vunerability and warned of its capabilities.
"The SMS vulnerability allows an attacker to run software code on the phone that is sent by SMS over a mobile operator's network. The malicious code could include commands to monitor the location of the phone using GPS, turn on the phone's microphone to eavesdrop on conversations, or make the phone join a distributed denial of service attack or a botnet."
According to HotHardware, Miller has made an arrangement with Apple giving them until the Black Hat USA expo in Las Vegas to fix the issue.
Apple says they will have a fix ready "later this month."