Will there be a java security update for OS 10.7/10.8 users like the one for OS 10.6 users (update 12) ?

There is a security risk for all 10.7/10.8 users according to Oracle.  When will we get a resoltuion and/or recommendation for the vunerablilities found in the Java version 1.6.0.37?

When will we get a resoltuion and/or recommendation for the vunerablilities found in the Java version 1.6.0.37?
There will never be a permanent resolution. Java is inherently insecure by design.
Java on the Web (not to be confused with JavaScript, to which it's not related, despite the similarity of the names) is a weak point in the security of any system. Java is, among other things, a platform for running complex applications in a web page, on the client. That was never a good idea, and Java's developers have had a lot of trouble implementing it without also creating a portal for malware to enter. Past Java exploits are the closest thing there has ever been to a Windows-style "virus" affecting OS X. Merely loading a page with malicious Java content could be harmful. Fortunately, Java on the Web is mostly extinct. Only a few outmoded sites still use it. Try to hasten the process of extinction by avoiding those sites, if you have a choice.
Java is not included in OS X 10.7 and later. Discrete Java installers are distributed by Apple and by Oracle (the developer of Java.) Don't use either one unless you need it. Most people don't. If Java is installed, disable it — not JavaScript — in your browsers. In Safari, this is done by unchecking the box marked Enable Java in the Security tab of the preferences dialog.
Regardless of version, experience has shown that Java on the Web can't be trusted. If you must use a Java applet for a specific task, enable Java only when needed for the task and disable it immediately when done. Close all other browser windows and tabs, and don't visit any other sites while Java is active. Never enable Java on a public web page that carries third-party advertising. Use it only on well-known, password-protected, secure websites without ads. In Safari 6 or later, you'll see a lock icon in the address bar with the abbreviation "https" when visiting a secure site.

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