So far, Apple has been rumored to have a fix in the works, but there's been no confirmation yet when it will be available. The researchers also say that there's nothing you can do to protect your iPhone from this vulnerability, other than to turn off the phone. More details on this issue will be discussed later today at Black Hat, hopefully outlining a path to fix this issue.
Meanwhile, the two developers have already demonstrated this flaw in action to CNET's Elinor Mills, proving its existence and extent of the threat.
We'll be providing more coverage on this issue once it's unveiled, so stay tuned to TUAW.