Risk is the potential for loss—calculated by threat, vulnerability, and impact. Zero-days are the most dangerous because no patch exists. When you hear about a major breach, it often involves a zero-day exploit.
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Risk is defined as the impact (damage) resulting from the successful compromise of an asset.
Example: A vulnerable Apache server (vulnerability) targeted by hackers (threat) could cause $1M in data breach damages (impact) = HIGH RISK.
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Zero-Day Attacks refer to threats and vulnerabilities that can exploit the victim before the developer identifies or releases any patch.
Example: A newly discovered Windows vulnerability that Microsoft hasn't patched yet. Zero days of protection available.