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The July patch is effective at stopping the flaw Blaster exploits. The trouble is there are more than one flaw with Microsoft's implementation of an RPC interface for Distributed Component Object Model services (DCOM). This gives rise to security vulnerabilities not fixed by the first patch.
According to Microsoft's revised bulletin, it turns out there are "three identified vulnerabilities" in the RPCSS Service that deal with DCOM activation - two that could allow arbitrary code execution and one that could result in a denial of service.
"An attacker who successfully exploited these vulnerabilities could be able to run code with local system privileges on an affected system, or could cause the RPCSS Service to fail. The attacker could then be able to take any action on the system, including installing programs, viewing, changing or deleting data, or creating new accounts with full privileges," Microsoft warns.
So the first patch should take care of Blaster, but there are other vulnerabilities not patched.