The hotfix to correct this problem has been publicly released and is now available online.
Microsoft Security Advisory (954474): System Center Configuration Manager 2007 Blocked from Deploying Security Updates:
The Knowledge Base article is here: KB 954474. Be aware that you don’t have to call us for the hotfix – the KB article links to the download center where you can download the update directly.
J.C. Hornbeck | Manageability Knowledge Engineer