I don't recommend trying to stay 100% on top of all updates for all of your modules all the time. However, when a security update becomes available for one of your modules, you should certainly make that update as soon as is reasonable. And while you're at it, that might be a good time to bring everything else up to date as well. Below is my recipe for keeping modules on my Drupal sites up to date, by using two of my favorite development tools, Git and Drush.
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