Apple has released a security update for Java on OS X Lion v10.7 or later, OS X Lion Server v10.7 or later, OS X Mountain Lion 10.8 or later, Mac OS X v10.6.8, and Mac OS X Server v10.6.8 to address multiple vulnerabilities. These vulnerabilities may allow an attacker to execute arbitrary code.
US-CERT encourages users and administrators to review Apple Support Article HT5666 and follow best-practice security policies to determine which updates should be applied.