Girishunawane, member of the AXIS OS Bug Bounty Program, has found that the VAPIX API dynamicoverlay.cgi did not have a sufficient input validation allowing for a possible command injection leading to being able to transfer files to the Axis device with the purpose to exhaust system resources. 
Axis has released patched AXIS OS versions for the highlighted flaw. Please refer to the Axis security advisory for more information and solution.