Paolo Bonzini found a bug in KVM that can be used to bypass proper permission checking while loading segment selectors. Malicious guest userspace process running in SMP guest can trick the emulator into loading kernel segment selector if it has access to IO port or MMIO region. To do so it should run legitimate instruction that does IO and will cause vcpu to enter emulator in one thread and replace this instruction to kernel selector loading one from another thread. If instruction is replaced after KVM entered emulator, but before instruction is fetched emulator will be tricked to execute privileged instruction without permission checking.
This issue has been addressed in following products: Red Hat Enterprise Linux 5 Via RHSA-2010:0126 https://rhn.redhat.com/errata/RHSA-2010-0126.html
This issue has been addressed in following products: Red Hat Enterprise Virtualization for RHEL-5 Via RHSA-2010:0172 https://rhn.redhat.com/errata/RHSA-2010-0172.html