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Based on information on secunia.com (1 and 2) we can see the benefit of an Open Source browser in the security field: while Internet Explorer only issued a patch for 52% of the bugs found and applied partial fixes in 14%, Firefox has not only patched 69% of its flaws but it has never used a partial fix or a workaround. Quoting Marc Erickson: "Its Open Source nature means that anyone can look at the code and either find or fix holes - and development can go on 24 hours a day, as programmers in different time zones around the world wake up and begin their day.
24 hour development is extremely difficult for most proprietary software companies to do - they need to be very large - like Microsoft - and then they run into large corporation difficulties - politics, turf wars, who gets credit for accomplishments, project coordination, how does a boss in one time zone supervise employees around the world when he has to sleep, etc.
If we look at Secunia's criticality graphs (1 and 2) we can see that Firefox has 0% extremely critical and 8% highly critical bugs while Internet Explorer has 14% extremely critical and 27% highly critical bugs.
Comparison Of The Two Browsers
The biggest challenge facing Firefox is that even though it offers tabbed browsing, live bookmarks, text zooming, pop-up blocking and a superior user interface, Microsoft's Internet Explorer is still the most widespread browser. After all, every copy of Microsoft Windows sold includes a version of Internet Explorer and every Web site is optimized for Internet Explorer.
A Google fight reveals us: Internet Explorer - 36,000,000 results, and surprisingly, Firefox - 31,000,000 results. Still, Firefox has its flaws like crashing while trying to view PDF files and taking a lot of time to load. If the next IE version would support tabbing and would be 50% more secure than before, Microsoft would surely maintain dominance in the field. According to W3Schools, Firefox has slowed in growth over the past few months and it now has 21% of usage share, compared to IE6 which has 64%.)
Expectations for the future
At the present time Firefox seems more secure than Internet Explorer, but what will the future bring?
An interesting alternative is SecureIE which costs 30$ and seems to outperform Firefox and IE in the security field.
Spotlight

IT security jobs: What's in demand and how to meet it
Posted on 15 May 2013. | Let's say you want a career in information security, where do you start? What credentials do you need? What are employers looking for? Read on to find some answers.

Is Microsoft is reading your Skype communications?
Posted on 15 May 2013. | The question of whether Skype allows U.S. intelligence and law enforcement agencies to access the communications exchanged by its users has still not been adequately answered by Microsoft.

Internet Explorer best at blocking malware
Posted on 14 May 2013. | While Chrome’s malware download protection improved significantly, Internet Explorer 10 continues to outperform the other browsers with a block rate of 99.96%.

Researcher refuses to help Saudi telco to spy on people
Posted on 14 May 2013. | You would think that a Saudi Arabian telecom firm interested in monitoring its users' mobile communications would not be asking a well-known pro-privacy researcher for help, but you would be wrong.

Malicious browser extensions are hijacking Facebook accounts
Posted on 13 May 2013. | Facebook users - especially those in Brazil - are being targeted with malicious browser extensions trying to hijack Facebook profiles, warns Microsoft.
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