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When Oracle issues an emergency patch for Java, it’s in your best interests to immediately download it and update. In this case, it’s for Java for Windows. The issue is documented in CVE-2016-0603 where an attacker would have to trick a user into visiting a compromised Website before installing Java 6, 7 or 8. However, a successful attack results in a “complete compromise” of the target.
Not good. The fact that Oracle didn’t wait for its regular patch cycle means attacks are already taking place. Thus downloading the latest Java update should be done ASAP. Or better yet, ditch Java altogether. Trust me, you’re not missing much.