The Log4j Security Flaw Could Impact The Whole Internet. Here's What You Need To Know

"It will take years to address this issue, while attackers will be looking... on every day [to exploit itand exploit it]," said David Kennedy the CEO of cybersecurity firm TrustedSec. "This is a ticking time bomb for businesses."

Here's what you need to be aware of:

What is Log4j and why is it important?

According to cybersecurity experts, Log4j is one the most popular online log libraries. Log4j provides software developers with the possibility of creating a record of activity to be used for a variety of reasons like auditing, troubleshooting and tracking. Because it is both open-source and free, the library essentially connects to every part of the internet.

"It's ubiquitous. Even if you don't use Log4j as a developer, you could still be running vulnerable code because one open source library that you use relies on Log4j," Chris Eng of cybersecurity firm Veracode disclosed to CNN Business. This is the way software works: It's turtles all down.

The software is used by businesses such as Apple, IBM and Oracle, Cisco, Google, Amazon and Cisco. It is likely to be on popular apps and websites and a lot more devices around the globe could be vulnerable to it.

Are hackers exploiting it?

Attackers seem to have had more than a week's head begin to exploit the software flaw before it was publicly disclosed according to cybersecurity firm Cloudflare. Now, with the number of hacking attempts taking place each day, some worry the worst is to yet come.

"Sophisticated and more experienced threat actors will find how to effectively exploit the vulnerability to gain the greatest benefit," Mark Ostrowski, Check Point's chief engineer on Tuesday, said.

Microsoft posted late Tuesday that state-backed hackers, including those from China, Iran and North Korea tried to exploit the Log4j flaw.

What makes this security flaw so dangerous?

Experts are especially concerned about the vulnerability because hackers can gain easy access to a company's computer server which allows them access to other parts of a network. It's also extremely difficult to find the vulnerability or see if a system has already been compromised according to Kennedy.

A second vulnerability was discovered in Log4j's software late on Tuesday. Apache Software Foundation, a non-profit organization that developed Log4j and other open software, has released a security fix for organizations to use.

What are the strategies used by companies to address this problem?

Last week,  Minecraft  published a blog post that announced a flaw was discovered in a particular version of its game. It promptly released a fix. Other companies have also taken similar steps.

US warns of hundreds of millions of devices at risk from newly revealed software vulnerability

IBM, Oracle, AWS and Cloudflare have all issued advisory notices to customers, while some are pushing security updates or outlining their plans for possible patches.

"This is a very serious bug, but it's not like you can hit the button to fix it like a traditional major vulnerability. Kennedy said it will require a lot of effort and time.

To ensure transparency and cut down on false information, CISA said it would create a website for the public with information on which software products were affected by the flaw and how hackers took advantage of the vulnerabilities.

What can you do to ensure your security?

Companies are under a lot of pressure to act. For now, people should make sure to update devices, software, and apps when companies give prompts in the coming days and weeks.

What's next?

The US government has warned affected businesses to be on guard for ransomware attacks and cyberattacks during the Christmas season.

There is concern that malicious actors may exploit the vulnerability in innovative ways. While large technology companies might have security teams in place to deal with these potential threats, many other organizations don't.

"What I'm most worried about is school districts, hospitals, and the places where there's a single IT person who is responsible for security, but does not have the security budget or tools," Katie Nickels, Director Intelligence at cybersecurity company Red Canary. "Those are the companies that I am most concerned about -- small organizations with low security budgets."