If you use Flash Player a lot on your Windows PC, specifically with your Internet Explorer web browser, you will definitely want to update to the latest version as soon as possible. Adobe has announced that it has released a new security update for Flash Player. While the update has been launched for Windows, Mac, Linux and Android versions, the main target is users of Windows and Internet Explorer.
Adobe states in its update bulletin:
These updates address an object confusion vulnerability (CVE-2012-0779) that could cause the application to crash and potentially allow an attacker to take control of the affected system. There are reports that the vulnerability is being exploited in the wild in active targeted attacks designed to trick the user into clicking on a malicious file delivered in an email message. The exploit targets Flash Player on Internet Explorer for Windows only.
The update should be downloaded and installed if you have Flash Player 220.127.116.11 and earlier on Windows, Mac, and Linux ports, along with versions 18.104.22.168 or earlier on Android 4.x and versions 22.214.171.124 on Android 3.x and 2.x. Ars Technica also suggests that Mac users quickly update to the new version even though the exploit seems to be targeting Windows users at the moment.