The Threat Alert is currently at Level 2: Elevated.

On May 13, 2014 Microsoft released its scheduled patch update for May 2014. This month's update covers vulnerabilities in Microsoft Windows, Internet Explorer, Office, .Net Framework, Productivity Software and Microsoft Server Software. Nine security bulletins have been released to address these issues including CVE-2014-1776, a zero day vulnerability used in targeted attacks.

Customers are advised to install all applicable updates as soon as possible.

Microsoft Security Bulletin Summary for May 2014
http://technet.microsoft.com/en-us/security/bulletin/ms14-may

Microsoft Security Advisory (2963983)
https://technet.microsoft.com/library/security/2963983

Threat Level 1
Low : Basic network posture
This condition applies when there is no discernible network incident activity and no malicious code activity with a moderate or severe risk rating. Under these conditions, only a routine security posture, designed to defeat normal network threats, is warranted. Automated systems and alerting mechanisms should be used.
Threat Level 2
Medium : Increased alertness
This condition applies when knowledge or the expectation of attack activity is present, without specific events occurring or when malicious code reaches a moderate risk rating. Under this condition, a careful examination of vulnerable and exposed systems is appropriate, security applications should be updated with new signatures and/or rules as soon as they become available and careful monitoring of logs is recommended. Changes to the security infrastructure are not required.
Threat Level 3
High : Known threat
This condition applies when an isolated threat to the computing infrastructure is currently underway or when malicious code reaches a severe risk rating. Under this condition, increased monitoring is necessary, security applications should be updated with new signatures and/or rules as soon as they become available and redeployment and reconfiguration of security systems is recommended. People should be able to maintain this posture for a few weeks at a time, as threats come and go.
Threat Level 4
Extreme : Full alert
This condition applies when extreme global network incident activity is in progress. Implementation of measures in this Threat Condition for more than a short period probably will create hardship and affect the normal operations of network infrastructure.