Microsoft has updated Office 2011 to version 14.3.8, a maintenance release that’s focused solely on tightening security. According to the relevant security bulletin, the update addresses two privately reported vulnerabilities that could allow remote code execution with a specially crafted Excel file. It also notes that those who use Office 2011 with administrative user rights could be more impacted than those with more restrictive user permissions. (Free update via the Office for Mac Web site or through Microsoft AutoUpdate, 113 MB)
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Microsoft Office 2011 14.3.8
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I did an OS X Restore (a Command-R restart) and the update then installed (the Flash update, too).