Security experts Collin Mulliner and Charlie Miller have discovered a bug which will allow hackers to completely take over your iPhone with a single character SMS.
They presented the exploit at the Black Hat conference in Las Vegas, explaining that it works by slightly modifying the data sent by the network which is not seen by the user.
Apple had been informed of the exploit over a month ago; however, they have not as of yet taken steps to prevent it.
According to O2 a fix should be available through iTunes on Saturday.
"We will be communicating to customers both through the website and proactively,"
"We always recommend our customers update their iPhone with the latest software and this is no different."