It took a lot longer than 5 minutes and it required:
- having physical access to the phone
- connecting the phone to a computer in developer mode
- disabling several security features
You can read more about it on ArsTechnica. It was not a remote hack at all, and it would be virtually impossible to replicate without someone physically giving you their phone. (But it sounds much more catchy to run a sensational headline, not do any fact checking with either the company who makes the phone, or the man who did the hack.)
That said, I’m still glad to be an iPhone user.
Thanks for the more complete information. More information also claims that the security vulnerability has been closed already. Good.