It's not really a hole in time, they're just slowing down and then speeding up photons so that to an outside observer it appears* that the photons have briefly ceased to exist and they'll be all like, "Whoa, where'd they go?" No doubt this has really cool applications for secure communications and whatnot, but it does not "tear a hole in time".
*Actually, they don't just
appear to not exist, they
have ceased to exist temporarily (sort of), and cannot be observed or interacted with in any way. Relativity is funny like that.
In theory a thief could use time cloaking techniques to enter a building, steal cash or valuables and exit before their image was recorded on security cameras.
Um, no, they couldn't. The reporter is confusing people with subatomic particles again. It's a surprisingly common mistake (they did it with quantum teleportation, too), although I really don't understand how anyone could make it in the first place. A person is nothing like a subatomic particle! Why would anyone even think that?