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Generally, all Linux distributions needs a scheduled reboot once to stay up to date with important kernel security updates. RHN (or other distro vendors) provides Linux kernel security updates. You can apply kernel updates using yum command or apt-get command line options. After each upgrade you need to reboot the server. Ksplice service allows you to skip reboot step and apply hotfixes to kernel without rebooting the server. In this post I will cover a quick installation of Ksplice for RHEL 5.x and try to find out if service is worth every penny.
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Linux / BSD and UNIX like operating systems includes software from the OpenSSL Project. The OpenSSL is commercial-grade, industry-strength, full-featured Open Source toolkit implementing the Secure Sockets Layer (SSL v2/v3) and Transport Layer Security (TLS v1) protocols as well as general purpose cryptography library.

The Google security team discovered a flaw in the way OpenSSL checked the verification of certificates. An attacker in control of a malicious server, or able to effect a "man in the middle" attack, could present a malformed SSL/TLS signature from a certificate chain to a vulnerable client and bypass validation.

This update has been rated as having important security impact on FreeBSD, all version of Ubuntu / Debian, Red Hat (RHEL), CentOS, Fedora and other open source operating system that depends upon OpenSSL.
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Red Hat today released kernel updates to fix at least 15 security flaws in its core called Linux kernel. RHEL users can grab the latest updates from RHN website or by simply running yum update command. This update has been rated as having important security impact.
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Critical Red Hat Enterprise Linux Kernel Update

Red Hat issued an update version of Linux operating system core called kernel that plugs various security holes for RHEL 5.x. This update has been rated as having important security impact. All users are advised to upgrade kernel package.

Security fixes:

a) A missing capability check was found in the Linux kernel do_change_type routine. This could allow a local unprivileged user to gain privileged access or cause a denial of service. (CVE-2008-2931, Important)

b) A flaw was found in the Linux kernel Direct-IO implementation. This could allow a local unprivileged user to cause a denial of service. (CVE-2007-6716, Important)

c) Tobias Klein reported a missing check in the Linux kernel Open Sound System (OSS) implementation. This deficiency could lead to a possible information leak. (CVE-2008-3272, Moderate)

d) a deficiency was found in the Linux kernel virtual filesystem (VFS) implementation. This could allow a local unprivileged user to attempt file creation within deleted directories, possibly causing a denial of service. (CVE-2008-3275, Moderate)

e) A flaw was found in the Linux kernel tmpfs implementation. This could allow a local unprivileged user to read sensitive information from the kernel. (CVE-2007-6417, Moderate)

Bug fix

a) A kernel crash may have occurred on heavily-used Samba servers after 24 to 48 hours of use.

b) On certain systems, if multiple InfiniBand queue pairs simultaneously fell into an error state, an overrun may have occurred, stopping traffic.

c) With bridging, when forward delay was set to zero, setting an interface to the forwarding state was delayed by one or possibly two timers, depending on whether STP was enabled. This may have caused long delays in moving an interface to the forwarding state. This issue caused packet loss when migrating virtual machines, preventing them from being migrated without interrupting applications.

How do I update my kernel?

Login as root and type:
# uname -mrs
# yum update
# reboot
# uname -mrs