Flaw in SIM Card Encryption Susceptible to Hacks

A German cryptanalyst, Karsten Nohl, has alleged to have identified a bug in mobile SIM card encryption technology after studying thousands of SIM cards.
Once hacked, one could snoop on calls, read your SMSes, or make mobile payments. Nohl, the founder of Security Research Labs in Berlin, has claimed to have figured out the 56-digit access key which allows SIM data to be altered, simply by sending a virus to the device via text message, all within a mere two minutes. If discovered by cybercriminals, a staggering 750 million mobile phones could be potentially vulnerable to the attack.
Nohl won't be officially presenting his studies until the Black Hat security conference happening in Las Vegas on 30th July.
Source: Gizmodo.