A zero-day (0-day) is an unpatched security vulnerability that is unknown to the software, hardware or firmware developer, and the exploit attackers use to take advantage of the security hole.
In general, zero-day refers to two things:
Zero day gets its name from the number of days that a patch has existed for the flaw: zero.
Zero-day threats represent significant cybersecurity risk because they are unknown to the party who is responsible for patching the flaw and may already be being exploited.
For example, BlueKeep (CVE-2019-0708) is a remote code execution flaw that affects approximately one million systems (as of 29 May, 2019) running older versions of Microsoft operating systems.
This zero-day vulnerability made headlines during Microsoft's May 2019 Patch Tuesday due to its wormability.
This means successful cyber attacks using BlueKeep can propagate in a similar way to WannaCry's EternalBlue exploit.
Microsoft saw BlueKeep as such a large cyber threat to information security and cybersecurity that they released patches for out-of-support and end-of-life operating systems like Windows 2003 and Windows XP.
BlueKeep is easily discovered with tools like Masscan and Zmap scanning large parts of the Internet in minutes, making it trivial for attackers to find vulnerable systems.
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Ordinarily security researchers find potential vulnerabilities in software programs, notify the software company to patch the security risk and after a period of time disclose it to the public on CVE.
For example, Google's Project Zero gives vendors up to 90 days to patch a vulnerability before they disclose the flaw. That said, flaws deemed critical are given seven days to patch and actively exploited vulnerabilities may be publicly disclosed right away.
This is because most companies given time can fix the vulnerability and distribute a software update (patch) to fix it.
And generally this works. It takes potential attackers time to figure out the best way to exploit the vulnerability.
However, there are situations when the discoverer chooses not to notify the software vendor as well as antivirus vendors.
Zero-day vulnerabilities and exploit codes are extremely valuable, not just to cybercriminals, but to nation-state actors who can use them to launch cyber attacks on enemy states.
The attack vector used in a zero-day attack will depend on the type of zero-day vulnerability.
Sometimes, when users visit rogue websites, malicious code on the site can exploit zero-day vulnerabilities in web browsers like Internet Explorer or Chrome.
Another common attack vector to exploit zero-day vulnerabilities is email. Cybercriminals may use email spoofing, phishing or spear phishing to launch attacks that need to be opened by the victim to execute the malicious payload.
The danger of zero-day attacks is that their attack vector is unknown and typically undetected by threat intelligence and security software.