Vulnerability management involves identifying, assessing, and remediating weaknesses in an organization's systems, assets, and controls. Common vulnerabilities include misconfigurations, unsecured APIs, outdated software, weak credentials, and unauthorized access. The CVSS provides a standardized way to assess vulnerability severity on a scale of 0-10 based on characteristics. The vulnerability management lifecycle includes assessing assets, prioritizing vulnerabilities based on risk, acting to remediate or mitigate high risks, and reassessing to validate fixes and identify new issues.