The problem is pretty serious, not an esoteric theoretically exploitable vulnerability, but a gaping hole. From the abstract:
> Through empirical research, we discovered a hardware backdoor and successfully cracked its key. This backdoor enables any entity with knowledge of it to compromise all user-defined keys on these cards without prior knowledge, simply by accessing the card for a few minutes. Additionally, our investigation into older cards uncovered another hardware backdoor key that was common to several manufacturers.
> Through empirical research, we discovered a hardware backdoor and successfully cracked its key. This backdoor enables any entity with knowledge of it to compromise all user-defined keys on these cards without prior knowledge, simply by accessing the card for a few minutes. Additionally, our investigation into older cards uncovered another hardware backdoor key that was common to several manufacturers.