According to https://technet.microsoft.com/en-us/library/security/4022344 the patch for this will be installed automatically. I've checked just now and all pending important updates have indeed been installed on the machine, with a subsequent reboot.
The relevant diagnostic is Windows Defender engine version.
'Advisory Details' says 1.1.13701.0 bad, 1.1.13704.0 good.
I've checked Windows Defender on my machine (Windows 7 x64), and it says 1.1.13701.0 even though all pending important updates are installed.
'Suggested Actions' says 'For affected software, verify that the Microsoft Malware Protection Engine version is 1.1.10701.0 or later.' This contradicts the table earlier on the page.
Which of these is correct? If the first one is correct, what are you supposed to do when Windows says all important updates are already installed?