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Secunia PSI

works great and slows the heck out of a system in default install mode - also makes it unstable if the network is flakey.

not bad to run manually and scan now and then - don't be fooled it has alot of overhead to hook into the filesystem. kinda like the cloud-based AV if you want to call it that.
 
I've always thought secunia was legit. My impression of that application is that it just checks the installed version of programs you have and then compares the list with a database of the latest stable versions, and in particular those with vulnerability closing updates and alerts you to which ones and maybe even provides a link to find the latest one. sorry for the 500 word sentence I just drank coffee.
 
Secunia PSI is excellent, I recommend this to everyone. I haven't noticed slowdown from keeping it running, but as others have said, you always have the option to disable it and run it on-demand.
 
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