I can almost guarantee you that the security update is not causing your troubles. Some of the updated files are related to QuickTime, but I don't believe they affect iTunes.
Have you tried all the standard fixing procedures?
Remove all iTunes and iPod files from Prefs and Prefs/ByHost.
Repair drive.
Repair permissions.
Run the daily, weekly, and monthly crontabs.
Delete caches and reboot.
Et cetera...
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