Microsoft SharePoint Server Security Feature Bypass Vulnerability

What kind of security feature could be bypassed by successfully exploiting this vulnerability?
The authentication feature could be bypassed as this vulnerability allows impersonation.

I am running SharePoint Server 2016. Do the updates for SharePoint Enterprise Server 2016 also apply to the version I am running?
Yes. The same KB number applies to both SharePoint Server 2016 and SharePoint Enterprise Server 2016. Customers running either version should install the security update to be protected from this vulnerability.

According to the CVSS metrics, successful exploitation of this vulnerability could lead to major loss of confidentiality (C:H), and integrity (I:H), but could lead to no loss of availability (A:N). What does that mean for this vulnerability?
Exploiting this vulnerability could allow an attacker to disclose files and modify data, but the attacker cannot impact the availability of the system.

How could an attacker exploit this vulnerability?
In a network-based attack, an unauthenticated attacker could bypass authentication and make an anonymous connection.

Security updates
16.0.5561.1001 — https://support.microsoft.com/help/5002891
16.0.10417.20175 — https://support.microsoft.com/help/5002883
16.0.19725.20434 — https://support.microsoft.com/help/5002882