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The study says that most vulnerabilities were being exploited before being disclosed.

I don't think it says that about the set of all vulnerabilities (IOW - citation needed!).

It does say "In this paper, we consider only exploits that have been used in real-world attacks before the corresponding vulnerabilities were disclosed" so it's unsurprising that in their dataset this is the case :)

Yeap, you're right, I misread. Here is a quote from the paper: "15% of these exploits were created before the disclosure of the corresponding vulnerability." So there's a lower bound.

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