As it seems today, various hacking groups and well known TheFlow showcased that the PS5 security has been defeated (?) at least with the most currently available firmware. hacker TheFloW has shared a PS5 screenshot showcasing the infamous PlayStation “Debug Settings” menu, strongly indicating the hacker has a PS5 Kernel Exploit. The exploit is running on the latest and greatest firmware as many users indicated. As for public release, the hacker has been explicitly clear he has no plan to release the exploit. (for now?)

Another hacking group called Fail0verflow posted a screenshot of what appears to be a fully decrypted file, part of a PS5 Firmware update, indicating that Fail0verflow have somehow gained access to PS5 decryption keys, a later Twitter post said "...We got all (symmetric) ps5 root keys. They can all be obtained from software - including per-console root key, if you look hard enough.."

So as it seems PS5 hacking days are coming and Sony will release tons of firmware to patch/prevent such big hacking exploit. Stay tuned for more information

Sources:
1. https://wololo.net/2021/11/08/ps5-kernel-exploit-theflow-showcases-debug...
2. https://wololo.net/2021/11/08/ps5-exploit-fail0verflow-show-decrypted-ps...