Microsoft's latest update for Office 2004 for Mac, Microsoft Office 2004 11.5.7, addresses a handful of significant security vulnerabilities surrounding specially crafted Office files that could enable an attacker to view, change, or delete data by executing remote code. The update addresses those issues by altering the way files are opened and parsed. It is rated Important for Microsoft Office 2004 for Mac and requires that you've previously installed the Microsoft Office 2004 for Mac 11.5.6 Update. The update is available from Microsoft's Web site and via the Office 2004 version of Microsoft AutoUpdate. (Free, 9.4 MB)
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Microsoft Office 2004 11.5.7
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Realistically, your exposure is pretty low, so I wouldn't stress about this too much, and would recommend just being a little more cautious about opening files from dubious sources.