Secunia rates this vulnerability as EXTREMELY CRITICAL http://secunia.com/advisories/51820 

from http://www.majorgeeks.com/story.php?id=37214

The latest Java version, Java 7 Update 10 contains a critical security
vulnerability which is reportedly already being used for large scale
cyberattacks...

Because the vulnerability, thanks to the various exploit kits, requires minimum
effort to exploit, it is reasonable to expect that the number of web sites
hosting the exploit is likely to rise exponentially over the next few days.
Simply visiting an infected web site is all that's required to fall victim to a
malware infection. The attack code may also be hosted on mainstream web sites...

Users who have Java installed on their computers should deactivate the Java
plugin in their browsers without delay.

I was one who totally quit Java, but I was not happy since my UPS program needs java to run. So I was stuck with a 30 min battery UPS that cut off after 2 mins if the power was out because I did not have control over the default Tripp.Lite battery timing.

Well this Java 7Up10 allows me run my UPS program and also give me the choice to disable any Java app from running while visiting web sites. When I check Complements in IE or Plugins in FF Java is nowhere to be found. Even WinPatrol can not detect Java.

Hopefully no 0-day exploit either :emotion-18:

For those who might be thinking this is just another "cry of wolf":  The U.S. Department of Homeland Security has warned users to disable or uninstall Java software on their computers, amid continuing fears and an escalation in warnings from security experts that hundreds of millions of business and consumer users are vulnerable to a serious flaw.

http://www.zdnet.com/homeland-security-warns-to-disable-java-amid-zero-day-flaw-7000009713/

Apple and Mozilla - 'Just say no to Java'

Apple released an updated malware definition list for their XProtect pseudo-antivirus protection in OS X Snow Leopard and newer:  Instead of identifying a new virus, this updated definition temporarily disabled the Java Web Start browser plugin that enables Java applications to run inside of Safari/Firefox/Chrome.

Mozilla has added all current releases of Java to its add-on blocklist.  In Mozilla's announcement they explain that plugins on the blocklist are forced into utilizing Firefox's Click to Play functionality (which prevents "drive-by" attacks, unless the user expressly clicks on the plug-in to allow it).

http://nakedsecurity.sophos.com/2013/01/11/apple-and-mozilla-just-say-no-to-java/

Oracle Corp said it is preparing an update to address a flaw in its widely used Java software after the U.S. Department of Homeland Security urged computer users to disable the program in web browsers because criminal hackers are exploiting a security bug to attack PCs...

Java was responsible for 50 percent of all cyber attacks last year in which hackers broke into computers by exploiting software bugs, according to Kaspersky. That was followed by Adobe Reader, which was involved in 28 percent of all incidents.

http://www.reuters.com/article/2013/01/13/us-usa-java-security-idUSBRE90B0EX20130113

Java 7 u11 was released.

http://www.oracle.com/technetwork/java/javase/downloads/index.html

Watch out for any toolbar offered while installing.

Added: still there is not much of assurance it will patch the whole.

http://news.cnet.com/8301-1009_3-57563730-83/oracle-releases-software-update-to-fix-java-vulnerability/

http://www.reuters.com/article/2013/01/13/us-java-oracle-security-idUSBRE90C0JB20130113

http://bits.blogs.nytimes.com/2013/01/13/u-s-agency-warns-of-java-software-problem/

Here is another article I ran into. Looks real serious.  

www.cpapracticeadvisor.com/.../updated-fix-for-java-security-flaw-available

Security experts on Java: Fixing zero-day exploit could take 'two years'

Amid growing concern over Java's security, Oracle released an emergency fix over the weekend. However, security professionals say that this measure doesn't go far enough.
http://www.zdnet.com/security-experts-on-java-fixing-zero-day-exploit-could-take-two-years-7000009756/

Speaking of Adobe, when I check my programs and features page it shows that I have Adobe AIR, Flashplayer, and Reader. I have no idea how these applications work or what they do. Should I dump them? As of now, Java is history.