The BBC has quoted O2’s spokespeople on an upcoming iPhone update scheduled for tomorrow:

An O2 spokesperson said the patch would be available Saturday through iTunes.

"We will be communicating to customers both through the website and proactively," the spokesperson added.

"We always recommend our customers update their iPhone with the latest software and this is no different."

The security update is related to the SMS vulnerability that Charlie Miller and Colin Mulliner demonstrated at this week’s Black Hat security convention but was originally discovered and reported over a month ago.

iPhones aren’t the only platform vulnerable to this attack.  WinMo and Android are too (though Google has already pushed a fix).  However, the bulk of the publicity until this point has been focused on the iPhone and Apple’s apparent inability to send up a patch. 

Because of the nature of this attack (SMS), it would also seem that the Telcos could play a part in preventing its use/spread.

Unlike O2, AT&T hasn’t mentioned anything to its customers about the issue and forthcoming solutions.