Apple has released iPhone OS 3.0 to address multiple vulnerabilities across many packages. Exploitation of these vulnerabilities may allow an attacker to execute arbitrary code, cause a denial-of-service condition, obtain sensitive information, bypass security restrictions, or conduct cross-site scripting attacks.

US-CERT encourages users to review Apple article HT3639 and upgrade to iPhone OS 3.0 to help mitigate the risks.

Read more at: US-CERT Current Activity