As noted by MacStories.net, the iOS 4.3.4 update to quell jailbreaking; instead, it was released to prevent malicious hacks that exploited the vulnerability.
Although this particular flaw got lots of press, jailbreaking by its very nature exploits security flaws in iOS to get around the device limitations that Apple's put in place. So in this sense, for iOS jailbreakers, these bugs are double-edged swords--they let you unlock new capabilities on your iDevice, but they can be significant security issues, as is the case with this flaw.
If you haven't jailbroken your iOS gadget (and aren't planning to do so anytime soon), you should probably upgrade to 4.3.4 as soon as possible. If you have jailbroken your iOS gadget, you have a decision to make; 4.3.4 will more than likely undo the jailbreak, but not upgrading will leave you vulnerable to malicious attack. I won't make a recommendation here, so weigh the pros and cons carefully.
And if you need more information, check out Apple's .
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