First there was Heartbleed, then Shellshock and now there's POODLE. The name might sound silly, but it's actually an acronym for Padding Oracle On Downgraded Legacy Encryption. It might sound confusing, but the danger is simple: This exploit lets hackers steal information on "encrypted" connections.
The bug exploits an outdated Web communication protocol to hijack pieces of information. Unfortunately, this exploit occurred because so many people don't update their Web browsers.
If a hacker tricked you to connect to a bogus Wi-Fi hotspot, this bug could let them steal a "cookie" from your computer. If you don't have to log in to your email account every time you navigate to it, for example, that's because you have a "cookie" installed that lets your email know that you are who you say you are.
This bug gives hackers a 1-in-256 chance to steal enough information from any Web connections that they'd be able to steal your cookies and pretend to be you.