For answers to these questions, check out "How to Safely Keep Java in Your Browser," which noted "[f]or the last year or so, Java seems to have spawned a never-ending flow of security bugs, partly because of the software environment's invisibility to end users and partly because of the system access it allows. In January alone, two different Java vulnerabilities were attacked by widespread browser exploit kits."
Need it or not? It is up to you!

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