How to secure Windows Server / VPS against recent Microsoft SChannel vulnerability?

Recently Microsoft released a critical security update to address the vulnerability in SChannel which could allow remote code execution. This vulnerability can damage all releases of Microsoft by sending specially crafted packets to a Windows server. Microsoft has released security patches to remedy this critical vulnerability.

Microsoft Critical Security Update – Vulnerability in SChannel – OS Patching Required

Recently Microsoft has disclosed a critical vulnerability in almost all versions of Windows. Windows systems especially those which are running websites should immediately install a patch KB2992611. According to Microsoft advisory this vulnerability resides in the Microsoft secure channel (schannel) security component that implements
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