The arbitrary file deletion vulnerability identified by RIPS Tech, by exploiting this vulnerability an attacker has the capability of deleting any fine from the WordPress installation.
If an attacker deletes core files like .htaccess, index.php files, and wp-config.php, it causes some serious issues, if you have no current backup is available.
Wordfence team detected second vulnerability that lies in the way wp_insert_post populates the metadata for the attachment.
Other Bug Fixes
Taxonomy: Improve cache handling for term queries. Posts, Post Types: Clear post password cookie when logging out.
Widgets: Allow basic HTML tags in sidebar descriptions on Widgets admin screen.
Community Events Dashboard: Always show the nearest WordCamp if one is coming up, even if there are multiple Meetups happening first.
WordPress published a blog post covering the full list of changes.
WordPress update 4.9.7 released with the security patches users are recommended to update their sites immediately.
WordPress Update 4.9.7
WordPress update (4.9.7) contains 17 maintenance fixes to the 4.9.7 release series. Updates are simple Dashboard >> Updates >> Update Now.
It is always a good idea to backup your WordPress before proceeding with the update, if there are any issues, you can restore your website.