You may encountered problem after you have installed the Microsoft Security Bulletin updates for SharePoint.
Here are the things you should know about Microsoft Security update for SharePoint:
1. All the Security updates for SharePoint have WSS3.0 version and SharePoint 2007 version(x86/x64). So before you install the updates you should select the right version.
2. All the Microsoft Security update cannot be uninstalled.
3. If you installed the update at one server, you must install the updates at all the other servers in the SharePoint farm. (you can check whether you have install the updates from add/remove list in control panel).
4. After install the Security update binaries, you must do the following operations:
Run psconfig (or SharePoint Products and Technologies Configuration Wizard) to update the databases.
psconfig -cmd upgrade -inplace b2b -wait –force
You can search all Microsoft Security Bulletin for SharePoint in the following link:
1. Select the Office SharePoint server 2007
2. Click Go , you can find and view the detail information about each update.