In modern parlor the length of time indicates how long the hack have been publically known or alternatively how long a fix have been available to counter the hack. So for example when someone successfully uses a two year hack it means the system they are attacking is not updated. If you use a two week hack you can attack a lot of systems which only update once a month or so. A one day hack is quite recent and only a few systems are upgraded to counter it. But a zero day hack is a hack that have not yet been publically known for which no updates are made to counter. So you would expect it to always work.
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