A new security bug in iOS 5.0.1 could allow others access to contacts and the calling features of an iPhone, thereby bypassing password protection. Luckily, the breach is “majorly difficult” to pull off, according to The Verge.

In order to pull off the latest iOS security flaw, a hacker needs to know the would-be victim’s cell phone number and must insert and eject the iPhone’s SIM card, “leading to a bypass of the passcode and access to the phone app after several missed calls to the device.”

Take a look:

As you can see, the security bug isn’t the easiest thing to pull off. Still, Apple will almost certainly address this flaw with the public release of iOS 5.1. Our advice: keep your phone in your possession and you should be fine.

Have you experienced or performed this security flaw? Do you agree with our assessment that it isn’t a big deal?