I have this in my rc.local on my new Ubuntu server:

iptables -F

iptables -A INPUT -i eth0 -p tcp --sport 22 -m state --state ESTABLISHED -j ACCEPT
iptables -A OUTPUT -o eth0 -p tcp --dport 22 -m state --state NEW,ESTABLISHED -j ACCEPT

iptables -A INPUT -i eth0 -p tcp --dport 22 -m state --state NEW,ESTABLISHED -j ACCEPT
iptables -A OUTPUT -o eth0 -p tcp --sport 22 -m state --state ESTABLISHED -j ACCEPT

iptables -A OUTPUT -o eth0 -p tcp --dport 9418 -m state --state NEW,ESTABLISHED -j ACCEPT
iptables -A INPUT -i eth0 -p tcp --sport 9418 -m state --state ESTABLISHED -j ACCEPT

iptables -A OUTPUT -o eth0 -p tcp --dport 5000 -m state --state NEW,ESTABLISHED -j ACCEPT # Heroku
iptables -A INPUT -i eth0 -p tcp --sport 5000 -m state --state ESTABLISHED -j ACCEPT # Heroku

iptables -A INPUT -p udp -s 74.207.242.5/32 --source-port 53 -d 0/0 --destination-port 1024:65535 -j ACCEPT
iptables -A INPUT -p udp -s 74.207.241.5/32 --source-port 53 -d 0/0 --destination-port 1024:65535 -j ACCEPT

iptables -A OUTPUT -o eth0 -p tcp --dport 443 -m state --state NEW,ESTABLISHED -j ACCEPT
iptables -A INPUT -i eth0 -p tcp --sport 443 -m state --state ESTABLISHED -j ACCEPT

iptables -P INPUT DROP
iptables -P FORWARD DROP

9418 is Git's port. 5000 is a port used to manage Heroku apps. And 74.207.242.5 and 74.207.241.5 are our DNS servers.

Do you think that this is secure? Can you see any holes here?

Update: Why is it important to block OUTPUT? This machine will be used only by me.