Update: Apple sent me the following statement on the KRACK exploit, confirming the upcoming patches:
KRACK is an exploit that attacks the way WPA2 protects Wi-Fi access points. While it's bad, there are a are a few factors that prevent it from being truly damaging to the state of modern wireless networking.
First, it can be patched. We don't need a new standard like we did when WEP was broken and everyone had to move to WPA2.
From the KRAK Q&A:
Second, in some cases, access points won't need to be updated.
For example, it's my understanding that Apple's AirPorts, including Express, Extreme, and Time Capsule don't seem be vulnerable to the exploit, even if using one as a bridge.
If you're using a different router, we're maintaining a list of updates that you can consult as needed. If in doubt, contact your vendor directly.
Third, Apple has confirmed to me that the KRACK exploit has already been patched in iOS, tvOS, watchOS, and macOS betas.
As soon as the updates leave beta, they'll be pushed out to everyone. We'll have to wait and see how fast other manufacturers are to respond, and how many of our connected devices receive updates.
Updated to reflect the need for both client and point-of-access updates, if and when available.
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Rene Ritchie is one of the most respected Apple analysts in the business, reaching a combined audience of over 40 million readers a month. His YouTube channel, Vector, has over 90 thousand subscribers and 14 million views and his podcasts, including Debug, have been downloaded over 20 million times. He also regularly co-hosts MacBreak Weekly for the TWiT network and co-hosted CES Live! and Talk Mobile. Based in Montreal, Rene is a former director of product marketing, web developer, and graphic designer. He's authored several books and appeared on numerous television and radio segments to discuss Apple and the technology industry. When not working, he likes to cook, grapple, and spend time with his friends and family.