From the Security Bulletin:
Critical vulnerabilities have been identified in Adobe Flash Player version 10.1.53.64 and earlier. These vulnerabilities could cause the application to crash and could potentially allow an attacker to take control of the affected system.
Adobe recommends users of Adobe Flash Player 10.1.53.64 and earlier versions update to Adobe Flash Player 10.1.82.76. Adobe recommends users of Adobe AIR 22.214.171.12410 and earlier versions update to Adobe AIR 2.0.3.
Affected software versions
* Adobe Flash Player 10.1.53.64 and earlier versions for Windows, Macintosh, Linux, and Solaris
* Adobe AIR 126.96.36.19910 and earlier versions for Windows, Macintosh and Linux
To verify the version of Adobe Flash Player installed on your system, access the About Flash Player page, or 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.
To verify the version of Adobe AIR installed on your system, follow the instructions in the Adobe AIR TechNote.
The update and its info can be found here:
As with all updates, I recommend a backup or System Restore point prior to installing.