A remote code execution vulnerability exists when the Windows Print Spooler service improperly performs privileged file operations. An attacker who successfully exploited this vulnerability could run arbitrary code with SYSTEM privileges.
UPDATE July 7, 2021: The security updates for Windows Server 2012, Windows Server 2016 and Windows 10, Version 1607 have been released. Please see the Security Updates table for the applicable update for your system. [Link Below]
We recommend that you install these updates immediately. If you are unable to install these updates, see the FAQ and Workaround sections in the link below for information on how to help protect your system from this vulnerability.
Source: Microsoft.com