ReadWriteEnterprise is reporting that:

Content stored on an iPhone 3GS with passcode
protection can be accessed without the passcode simply by attaching the
device to a computer running the latest version of Ubuntu or a Windows
or OSX system running off the shelf software such as iPhone Explorer.
This flaw was discovered by Bernd Marienfeld, an information
security professional and blogger, last week. Recently, the enterprise
has seen a steep increase in the adoption of the iPhone and iPad. But Apple will need to
aggressively address security concerns such as these in order to gain
and hold market share.

Read the whole article here.