Zero Days, Thousands of Nights: The Life and Times of Zero-Day Vulnerabilities and Their Exploits

Zero-day vulnerabilities — software vulnerabilities for which no patch or fix has been publicly released — and their exploits are useful in cyber operations, as well as in defensive and academic settings. This report provides findings from real-world zero-day vulnerability and exploit data that can inform ongoing policy debates regarding stockpiling (i.e., keeping zero-day vulnerabilities private) versus disclosing them to the public.