Microsoft Outlook Remote Code Execution Vulnerability

What kind of security feature could be bypassed by successfully exploiting this vulnerability?
Successful exploitation of this vulnerability would allow an attacker to bypass the Office Protected View and open in editing mode rather than protected mode.

According to the CVSS metrics, successful exploitation of this vulnerability could lead to major loss of confidentiality (C:H), integrity (I:H), and availability (A:H). What does that mean for this vulnerability?
An attacker who successfully exploited this vulnerability could gain high privileges, which include read, write, and delete functionality.

If I am running Office 2016 (32-bit edition) or Office 2016 (64-bit edition, what do I need to do to be protected from this vulnerability?
To be protected, customers running Office 2016 need to install all the updates listed for their edition in the following tables.
Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002537: 5002537, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002467: 5002467, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002522: 5002522, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002469: 5002469, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (32-bit edition): Microsoft Office 2016 (32-bit edition), 5002519: 5002519, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001
Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002537: 5002537, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002467: 5002467, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002522: 5002522, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002469: 5002469, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001, Microsoft Office 2016 (64-bit edition): Microsoft Office 2016 (64-bit edition), 5002519: 5002519, Security Update: Security Update, 16.0.5435.1001: 16.0.5435.1001

Is the Preview Pane an attack vector for this vulnerability?
Yes, the Preview Pane is an attack vector.

How could the attacker exploit this vulnerability?
An attacker could craft a malicious link that bypasses the Protected View Protocol, which leads to the leaking of local NTLM credential information and remote code execution (RCE).

Security updates
https — https://docs.microsoft.com/en-us/officeupdates/microsoft365-apps-security-updates
16.0.5435.1001 — https://support.microsoft.com/help/5002537
16.0.5435.1001 — https://support.microsoft.com/help/5002467
16.0.5435.1001 — https://support.microsoft.com/help/5002522
16.0.5435.1000 — https://support.microsoft.com/help/5002519