Magento released the latest security patch SUPEE-9767 patching various security issues. It is a straight forward installation but required to cover a couple of areas. This is quick step by step guide to cover the process and links I found really helpful and made the job easy.

• Download the SUPEE 9767 patch file match for the current Magento installation
  >> https://magento.com/tech-resources/download
• Upload the patch file to the root
• In command line run the following command (It should match the patch file name)
  >> sh PATCH_SUPEE-9767_CE_1.7.0.2_v1.sh
• If the download folder is removed (Which we did as a security measure) remove the
  download folder related code from the patch file
• If you come across any other missing files check in this repo. It might be due to
  a previous patch could not generate a new file. Add the new file and apply STEP 2
  >> https://github.com/magecomp/Magento-Pre-Patched-Files
• Apply the template level changes to the custom template files.
• Add the script to the magento shell folder and run it
  >> https://github.com/experius/Magento-1-Experius-Patch-Helper#magento
• Add getBlockHtml(‘formkey’) ?> to all the template files.
• Apply the JS file changes to the over writes
  >> https://magento.stackexchange.com/questions/177035/supee-9767-patch-ce-1-9-3-3-one-page-checkout-customer-registration-issue?noredirect=1&lq=1
• After applying the patch successfully check the following settings before testing
• Enable Form Key Validation On Checkout
  >> Admin > System > Configuration > Advanced > Admin > Security
• Test Login in and out in Admin User level
• Placed a test order enabling create account
• Upload image from the admin area.