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The first firmware update for the iPhone, version 1.0.1 is now available from Apple. It mostly addresses security issues and bugs that have surfaced with the iPhone's Safari Web browser; Particularly one where when visiting a malicious Web site, hackers could gain complete access to the iPhone, making the phone and the data on it vulnerable.

As with anything else having to do with the iPhone, the update is only delivered through the iTunes. It will not appear in your computer's Software Update application, or on the Apple Support Downloads site.

iTunes automatically checks Apple's update server on a weekly schedule. When an update is detected, it will download it. The next time you dock your iPhone to your desktop computer, the following message appears: "A new iPhone software version (1.0.1) is available for the iPhone. Would you like to install it now?"

Apple recommends iPhone users install the update right away.

Because the automatic update process may take up to a week depending on the day that iTunes checks for updates, you may want to consider manually obtaining the update via the "Check for Updates" button or menu choice in iTunes ahead of time.

See here for more information about the iPhone firmware update.