welcome in the IPCop forum!
I'd suggest to ask a slightly different question: what security update are you looking for, which of the currently integrated software packages are known to be vulnerable?
To be straight: I like IPCop for its reduction to the essential, making use of well known and maintained packages. If important fixes come out, they are usually integrated within the next day or so. Even though I am not following the developer mailing lists, I have full trust in the community, that IPCop is one of the finest, most secure and best maintained "SOHO" firewall distros available.