It was discovered that Python built-in module CGIHTTPServer does not properly handle URL-encoded path separators in URLs which may enable attackers to disclose a CGI script's source code or execute arbitrary scripts in the server's document root. (CVE-2014-4650 __)
Integer overflow in bufferobject.c in Python before 2.7.8 allows context-dependent attackers to obtain sensitive information from process memory via a large size and offset in a "buffer" function. (CVE-2014-7185 __)
Run yum update python27 to update your system.
i686: python27-tools-2.7.8-6.74.amzn1.i686 python27-debuginfo-2.7.8-6.74.amzn1.i686 python27-devel-2.7.8-6.74.amzn1.i686 python27-test-2.7.8-6.74.amzn1.i686 python27-libs-2.7.8-6.74.amzn1.i686 python27-2.7.8-6.74.amzn1.i686 src: python27-2.7.8-6.74.amzn1.src x86_64: python27-debuginfo-2.7.8-6.74.amzn1.x86_64 python27-devel-2.7.8-6.74.amzn1.x86_64 python27-test-2.7.8-6.74.amzn1.x86_64 python27-2.7.8-6.74.amzn1.x86_64 python27-libs-2.7.8-6.74.amzn1.x86_64 python27-tools-2.7.8-6.74.amzn1.x86_64