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Microsoft has released a Security Update which applies to SP2010/13/16.

Description of the security update for SharePoint Server 2010: January 9, 2018

CVE-2018-0789 | Microsoft SharePoint Elevation of Privilege Vulnerability

My question is how worried should I be about applying this ASAP when my farm is onprem and has no extranet access.

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Its hard to tell, you have to evaluate the situation if it is really risk for your environment or not. we review security updates every month when it released, decide according to our farm situation and risk.

You have to plan it when you apply the security update, you have to run the config wizard which will cause the outage for the farm. Also test the updates in lower farm 1st then move to production.

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Should I install it?

Yes. Service Packs are important milestones and you should plan to install them into your farms. Of course you should always install them into a test environment first since you cannot uninstall any SharePoint patches. After you and your users have tested the Service Packed for a minimum of a month you should plan a planned outage and install it in your Production environment. If you have any language packs installed, remember to install the service pack for the language packs too.

For more detailed information, refer to the following article:

http://www.toddklindt.com/blog/Lists/Posts/Post.aspx?ID=433

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