Apple Inc.'s (NASDAQ: AAPL) iPhone has a technical flaw, according to The New York Times which a security firm has uncovered. The flaw enables a hacker to steal personal information on user's iPhones.

The hackers work for Independent Security Evaluators (ISE), a company that tests its clients' computer security by hacking it, said that they could take control of iPhones through a WiFi connection or by tricking users into going to a Web site that contains malicious code. The hack, the first reported on the iPhone, allowed them to tap the personal information the phones contain.

Eager to promote themselves, technology security firms scramble to identify and exploit the technological vulnerabilities in new products. Charles Miller, ISE's principal analyst, is the first of many. Miller said, "We can get any file we want. Potentially, the attack could be used to program the phone to make calls, running up large bills or even turning it into a portable bugging device."

If you're interested in learning more of the details, visit www.exploitingiphone.com.

Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Apple.