When exploited, this vulnerability would allow a cyberattacker to remotely take full control (or cause the reload of your switches) of your network via a simple telnet connection and compromise all your data traversing it.
Find below a proof-of-concept Remote Code Exploitation of this defect:
Cisco Catalyst Remote Code Execution
Even though disabling Telnet is a workaround, if you have an affected switch model in your network, Multiven strongly advises that you upgrade to a software version with fixes for this vulnerability.
Accordingly, please contact Cisco and reference the advisory below to get your free fixes:
Cisco Security Advisory