Hardware Security Keys, like Google Titan Key or Yubico YubiKey, implementing the FIDO U2F protocol, provide what is consider possibly the most secure 2nd Factor Authentication (2FA) measure. Indeed the private key is protected in Hardware and should be impossible to copy, so that only the physical possession of the hardware token provides the authentication.

But a recent research (see here for the research paper, and here and here for some comments) shows that a class of chip (the NXP A700X) is vulnerable (CVE-2021-3011) to a physical hardware attack which allows to extract the private key from the chip itself, and then to clone the security key. To fully succeed, the attack requires to know the credential of the service(s) for which the security key works as 2FA and the physical availability of key itself for at least 10 hours. Then the security key is dismounted and the secret key is obtained by measuring the electromagnetic radiations emitted by the key during ECDSA signatures. Finally a new security key can be cloned with the stolen secret key.

From a theoretical point of view, this vulnerability violates the fundamental requirement of an hardware security key, that is that the private key cannot be extracted from the hardware in any way. But it should also be noted that the FIDO U2F protocol has some countermeasures which can be useful to mitigate this vulnerability, like the presence of a counter of the authentications done between a security key and a server so that a server can check if the security key is sending the correct next sequence number which would be different from the one provided by the cloned security key.

On practical terms, it all depends on the risks associated with the use of the security key and the possibility that someone will borrow your security key for at least 10 hours without anybody noticing it.  If this constitutes a real risk, then check if your security key is impacted by this vulnerability and in case it is, change it. Otherwise if this attack scenario is not a major threat, it should be reasonably safe to continue to use even vulnerable security keys for a little while, while keeping up to date with possible new developments or information from the security keys manufacturers. Even in this case, vulnerable security keys should anyway be changed as soon as convenient.