In spite of being central to everything that is going on in IT security, the concept of "exploit" is surprisingly poorly formalized and understood only on an intuitive level by security practitioners. This lack of clear definition has all sorts of negative side-effects: From ineffictive teaching to muddled thinking about mitigations. In this talk, I will make an attempt to more clearly define what it is that attackers do when they write an exploit – and then talk about what this means for mitigations and secure coding.