Accepted answer
At minus 20 °C it can show up as either, and which one depends entirely on whether the product still elutes under the main peak. Purity is a ratio of areas, so a degradant only costs purity if the method resolves it. Content is a mass against a standard, so a degradant costs content whenever the parent is consumed — resolved or not. Backbone amide bonds cleave, so every product is shorter than the parent and the mass ladder they leave behind is the evidence that it happened. That is why the two measurements are not interchangeable and why an unchanged purity figure after an excursion to minus 20 °C is weak evidence: the method may simply be integrating the degradant along with the parent and reporting the sum as one peak.
The short version: water enables most of it, oxygen enables oxidation, surfaces enable adsorption, and agitation enables aggregation.
Light exposure matters for tryptophan-containing sequences and for anything with a chromophore. Amber vials and a closed box are free mitigations.
Hydrolysis cleaves the backbone, most readily at aspartate-proline and aspartate-glycine sequences, and is acid-catalysed. In a dry solid it barely proceeds at all.
Deamidation via the succinimide intermediate is well characterised, with sequence-dependent rates highest for asparagine-glycine motifs.
Cold, dry, dark, still. Those four words cover most of the mitigation.