An elevation of privilege vulnerability exists when Windows improperly handles hard links. An attacker who successfully exploited this vulnerability could overwrite a targeted file leading to an elevated status. To exploit this vulnerability, an attacker would first have to log on to the system. An attacker could then run a specially crafted application that could exploit the vulnerability and take control of an affected system. The security update addresses the vulnerability by correcting how Windows handles hard links.
https://www.tenable.com/blog/microsoft-s-august-2020-patch-tuesday-addresses-120-cves-cve-2020-1337
https://portal.msrc.microsoft.com/en-US/security-guidance/advisory/CVE-2020-1467