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Karsten Nohl has said he has found a way to discover some Sims' digital keys by sending them a special text message.
He warned criminals could potentially use the technique to listen in on calls or steal cash.
Industry organisation - the GSMA - said it was looking into the findings.
"Karsten's early disclosure to the GSMA has given us an opportunity for preliminary analysis," said a spokeswoman for the association, which represents global network operators,
"We have been able to consider the implications and provide guidance to those network operators and Sim vendors that may be impacted.
"It would appear that a minority of Sims produced against older standards could be vulnerable."
Mr Nohl has posted preliminary details of the vulnerability on the website of his company, Berlin-based Security Research Labs.
Read More: BBC News - Millions of Sim cards are 'vulnerable to hack attack'