Authentication is not required to exploit this vulnerability. User interaction is required to exploit this vulnerability in that the target must visit a malicious page or open a malicious file.
The specific flaw exists within how the application parses an audio stream encoded with the advanced audio codec. A field will be read from the file in order to calculate a length that is later used in a memory copy operation into a statically sized buffer. Successful exploitation can lead to code execution under the context of the application.
Patch Availability:
Apple has issued an update to correct this vulnerability. More details can be found at: http://support.apple.com/kb/HT4981