A hacking term.
An 'exploit' is a security weakness within an application that is used by a hacker to gain access to the system running that particular software.
For example, both Internet Explorer and Firefox have weaknesses. When these weaknesses are found, then the developers make a patch to fix the problem.
This is why it is a good idea to allow browsers to 'auto-update' themselves. Every time the browser is loaded, it checks with the developer servers to see if a new patch is available.
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Click on this link: Exploit