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IBM, and most people who know about the matter, think that buffer overflows should have disappeared from production code long ago:

From http://www-106.ibm.com/developerworks/security/library/s-overflows/

"Buffer overflows have been causing serious security problems for decades. In the most famous example, the Internet worm of 1988 used a buffer overflow in fingerd to exploit tens of thousands of machines on the Internet and cause massive headaches for server administrators around the country; see Resources later in this column.

But the buffer overflow problem is far from ancient history. Buffer overflows accounted for over 50 percent of all major security bugs leading to CERT/CC advisories last year. (The CERT/Coordination Center is part of the Software Engineering Institute in Pittsburgh; see Resources.) And the data show that the problem is growing instead of shrinking; see "Buffer overflow: Deja vu all over again".

Clearly, you would think by now that buffer overflow errors would be obsolete."