As my colleague (Swa) here at the ISC said in the coffee room this morning, "It's been awhile since Sendmail has put out a release that fixed security issues."

You may review the release notes here: http://www.sendmail.org/releases/8.14.4

About mid-way down are the security enhancements that have been made to the product.  Please consider upgrading and let us know how it works out.  I am sure all the *nix distros that bundle sendmail (pretty much all of them) will be following soon with their own packaged releases.

-- Joel Esler | http://blog.joelesler.net | http://twitter.com/joelesler