Babel also released @babel/[email protected], updating its @babel/plugin-transform-modules-systemjs dependency, to simplify forcing the update if you are using @babel/preset-env directly.
Workarounds
Pin @babel/parser to v7.11.5. The downgrade will completely disable string module name parsing, but it would also disable other new language features and the build pipeline may fail as a result. Only do so if you are working on a legacy codebase and can not upgrade @babel/plugin-transform-modules-systemjs to v7.29.4.
Do not use the modules: "systemjs" option, migrate the codebase to native ES Modules or any other module formats.
Credits
Babel thanks Daniel Cervera for reporting the vulnerability.