Oracle has released Java Version 7 Update 11 which corrects recent zero day security issues.
Mac OS X System Requirements
• Intel-based Mac running Mac OS X 10.7.3 (Lion) or later.*
• Administrator privileges for installation
• 64-bit browser
Note that installing Java on a Mac is performed on a system wide basis, for all users, and administrator privileges are required. You cannot install Java on a single-user basis.
A 64-bit browser (Safari or Firefox, for example) is required to run Java 7 on Mac OS X. 32-bit browsers such as Chrome do not support Java 7 on the Mac platform.
* Users with Mac OS X versions 10.6 and below should go to Software Update under the Apple menu to look for updates.
More info and download link here.
Oracle Corp to fix Java security flaw ‘shortly’ – January 12, 2013
Apple blocks OS X Java 7 plug-in as U.S. Department of Homeland Security warns of zero day threat – January 11, 2013
Apple makes OS X even more secure for Mac users by removing Java – October 19, 2012
Apple uninstalls Java applet plug-in from all web browsers – October 17, 2012
New zero-day Java exploit puts 1 billion PCs and Macs running OS X 10.6 or earlier at risk – September 26, 2012
Warning: New Java trojan targets Apple’s OS X along with Windows, Linux – July 11, 2012
Apple releases Java Update to remove Flashback trojan – April 12, 2012
OS X trojan variant preys on Mac users with unpatched Java – February 27, 2012
Jobs: Having Oracle, not Apple, release timely Java updates better for Mac users – October 22, 2010
Apple deprecates its release of Java for Mac OS X – October 21, 2010