Microsoft is aware of and investigating a remote code execution vulnerability that affects Windows Print Spooler and has assigned CVE-2021-34527 to this vulnerability, also known as “PrintNightmare”. This is an evolving situation.
A remote code execution vulnerability exists when the Windows Print Spooler service improperly performs privileged file operations. An attacker who successfully exploited this vulnerability could run arbitrary code with SYSTEM privileges. An attacker could then install programs; view, change, or delete data; or create new accounts with full user rights.
Further technical description can be found here about the vulnerability and information on how to help protect your system from this vulnerability: https://msrc.microsoft.com/update-guide/vulnerability/CVE-2021-34527
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