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Make sure it is updated and all add-ons are also updated and simply be careful where you surf.
Also ensure that McAfee is updated. The latest updates cover risks associated with the vulnerability.
It's your choice if you would prefer to switch to another browser. All browsers have 'vulnerabilities' unfortunately, it's the nature of the beast, so to speak.
How serious is this bug with Internet Explorer? People are saying to stop using Internet Explorer is this right? If so can you recommend an easy to use browser.
Right now it's only potentially serious. It's a zero-day bug being used in a targeted attack against (right now) endpoints in two specific sectors, finance and defence, by a skilled group of specialist hackers. Reading between the lines, FireEye imply this is a state-sponsored attack. So, your average user won't be much affected.
The danger comes when Microsoft release the patch, which will then get reverse-engineered by all and sundry. Code to exploit the bug will then be included in various exploit kits. Most IE installations will be patched, of course, but not all. XP will be a sitting duck for this one, which is why I posted Microsoft's specific fix for this bug HERE in Security Awareness.
As for not using IE, that is what US-CERT and UK-CERT advise.
The US and UK Computer Emergency Readiness Teams issued that advice on Monday.
If you want to switch to Firefox beware, it's now at FF29 with major UI changes and no SiteAdvisor icon visible.