The patch will be distributed via Apple's software update mechanism and will be available for iPhone, iPad and iPod Touch devices.
The exploit, which combines a bug in the way Apple's mobile operating system processes CFF fonts with a privilege escalation vulnerability to escape the sandbox, allows the automated jailbreaking of iPhone/iPad/iPod Touch devices from a specially created Web site.
As the image above shows, a device simply needs to use MobileSafari to surf to a Web site, then push the slider to the right to begin the jailbreaking/expoitation process.
Now that the information on the security hole is publicly available, there is a strong likelihood of malicious copycat attacks.
Here's the skinny on the CFF font vulnerability, via the U.S. Computer Emergency Response Team:
FreeType is a font engine that can open and process font files. FreeType 2 includes the ability to handle a number of font types, including Compact Font Format (CFF). FreeType is used by a number of applications, including PDF readers, web browsers, and other applications. FreeType 2 contains a flaw in the handling of some CFF opcodes, which can result in stack corruption. This can allow arbitrary code execution.
By causing an application that uses FreeType to parse a specially-crafted CFF font, a remote, unauthenticated attacker may be able to execute arbitrary code on a vulnerable system. This can occur as the result of opening a PDF document or viewing a web page.
Apple's security team has been scrambling to figure out the issue and come up with a fix and I'm told the patch is on schedule for release this week.