This vulnerability allows remote attackers to execute arbitrary code on vulnerable installations of Oracle Java. User interaction is required to exploit this vulnerability in that the target must visit a malicious page or open a malicious file.
The specific flaw exists within the usage of ObjectOutputStream. With the usage of this class, it is possible to disable the security manager and run code as privileged. This allows a malicious applet to execute attacker-supplied code resulting in remote code execution under the context of the current user.