The agency was created in 2018 as part of the Department of Homeland Security. It publishes advisories, maintains the Known Exploited Vulnerabilities catalog, runs free services such as vulnerability scanning for eligible organizations and coordinates responses to major incidents. It also funds the CVE program.
Its guidance is aimed at US government and critical infrastructure, but it is public and useful for anyone. Advisories often include indicators of compromise and concrete mitigations that you can use at once.
For defenders, the most practical output is the KEV catalog, because it turns a mass of published flaws into a list of those that are being used in attacks.
Follow its advisories and KEV feed, use the free services that fit your organization and check the indicators in its notices against your own logs.