Update timthumb.php to prevent Zero Day vulnerability

Recently many sites are infected with timthumb script vulnerability.  Its a Zero Day vulnerability inside image resizing function. Most of the free as well as  paid themes are the victim of this vulnerability. It can be affected in timthumb.php or thumb.php. Update your wordpress theme to prevent the attack. Read more about this vulnerability at VaultPress

How to fix timthumb.php

You will get the update from the vendor If it is a paid theme, or you can do it manually
Go to your theme directory and find thumb.php / timethumb.php
Download following file and replace the code

http://timthumb.googlecode.com/svn/trunk/timthumb.php
Patch from woothemes : Download