Very few people actually use Java on a regular basis in terms of using the web browser so if you're dependent on Java to run installed programs on your machine (OpenOffice, LibreOffice, etc), you can just disable the browser plugins for Java. This exploit will blow past authentication (the part where Java will ask you about running this program before it does) so don't think that will save you. Since Java is cross-platform, Macs and Linux boxes are also vulnerable (I don't know if the OpenJDK variant on Linux holds the same vulnerability but it would be same to assume it does) so you'll have to secure your machines as well.
The previous version of JRE (Java SE 6 Update 35) is not affected by this exploit so if you absolutely need your Java or don't know how to disable plug-ins or want to be extra sure, you can uninstall Java 7 and install this version of JRE instead until Oracle can push out an update:
* Updated game trainers and cheats daily
* Get notified when new cheats are added
* Request which games get new trainers
* Priority support with any problem