Security Issue With iPad 2, Lock Screen and Magnetic Cover

A security flaw with iOS 5 and iPad 2’s has just been identified. Anyone with a magnet (or a Smart Cover) can bypass the iPad 2′s locked passcode screen and access whatever app was previously left open. Below are instructions on how to recreate the flaw and how to temporary protect yourself against it until Apple fix the issue.
From a locked iPad 2:

  • Hold down the power button until the the slider appears across the top
  • Close the iPad 2′s Smart Cover or swing a magnet over the magnetic points around the screen rim, then remove the Smart cover or magnet
  • Click “Cancel” at the bottom of the lock screen

You’re now at the iOS 5 springboard or the previous app left running, completely bypassing the passcode.
Protection Against the iPad 2 Lock Screen Bypass:
For the time being, iPad 2 users are encouraged to disable the “Smart Cover unlocking” feature found in Settings > General.