This security update resolves vulnerabilities in Microsoft Office. The most severe of the vulnerabilities could allow remote code execution if a user opens a specially crafted Microsoft Office file. An attacker who successfully exploited the vulnerabilities could run arbitrary code in the context of the current user. Customers whose accounts are configured to have fewer user rights on the system could be less impacted than those who operate with administrative user rights.
Read Microsoft Security Bulletin here - https://technet.microsoft.com/library/security/ms15-046