Apple Releases iOS 4.3.4 to Address Latest Jailbreaking Vulnerability
Apple has just released iOS 4.3.4, making good on a promise to patch a vulnerability that has been used for the latest JailbreakMe.com jailbreaking method but which could also allow malicious downloads to infect users' devices. The update is available for the iPhone 4/3GS, third- and fourth-generation iPod touch, and all iPads. A special iOS 4.2.9 update is also available for the CDMA iPhone 4.

The iOS 4.3.4 update comes in as Build 8K2, while the iOS 4.2.9 registers as Build 8E501.
iOS 4.3.4 Software Update
Fixes security vulnerability associated with viewing malicious PDF files.
Apple has also posted security-related documents outlining the three vulnerabilities patched in iOS 4.3.4 and iOS 4.2.9.
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Top Rated Comments
Because this particular method of jailbreaking uses a security loophole that could be used by a malicious website to hack your iPhone. Whether you agree with jailbreaking, it's a good thing that Apple is addressing security concerns like this.
Jailbreaking is accomplished by exploiting a vulnerability in the device. Apple patches these vulnerabilities like any responsible company should.
What? It's to patch a security hole!
Because the exploit can also be used to inject non-jailbreak related code.
It's a good precaution for Apple to take. Luckily the jailbreak community has already released their own fix, which means those jailbroken can keep their jailbreak and sense of security.