Flash is highly important for playing the videos on the browser and other ActiveX content. Adobe has recently released the security update for the flash and other applications like Adobe Reader.
According to this security bulletin, the critical vulnerability that was identified in Adobe Flash Player 10.2.152.33 and earlier versions (Adobe Flash Player 10.2.154.18 and earlier versions for Chrome users) for Windows, Macintosh, Linux, and Solaris operating systems, and Adobe Flash Player 10.1.106.16 and earlier versions for Android has been fixed with this security update.
To verify the version of Adobe Flash Player installed on your system, right-click on content running in Flash Player and select “About Adobe (or Macromedia) Flash Player” from the menu. If you use multiple browsers, perform the check for each browser you have installed on your system.
Check the bulletin and the official website for detailed info on this.