Econintersect: Readers, please upgrade your Java right now! Just a few hours ago, Oracle released Java 7 Update 11 to address the recently discovered security vulnerability. Per Homeland Security:
The CERT Program has released Vulnerability Note VU#625617 to address a vulnerability in Oracle Java Runtime Environment (JRE) 7 and earlier that is currently being exploited in the wild. This vulnerability may allow an attacker to execute arbitrary code on vulnerable systems.
US-CERT encourages users and administrators to review CERT Vulnerability Note VU#625617 and US-CERT Alert TA13-010A. Due to the number and severity of this and prior Java vulnerabilities, it is recommended that Java be disabled temporarily in web browsers as described in the "Solution" section of the US-CERT Alert and in the Oracle Technical Note "Setting the Security Level of the Java Client."
Follow up:This seems a serious threat to your computer with Homeland Security telling you to disable Java in your browser.
Readers can download the latest update from Oracle’s website here: Java SE 7u11.