The PR department in Cupertino issued the following response:
“The minor iPhone security issue which surfaced this week is fixed in a software update which will be released in September.”
The so-called “minor” security issue was first unveiled on MacRumors.com. According to the poster, the password protected can be easily by-passed by tapping several buttons in a certain order.
Such a mishap is anything but minor, given the sensitive nature of the information that passwords are supposed to be protecting. However, users have already come up with a fix of their own: disabling the double tapping on the home button from the "settings" option.