On February 20, Adobe announced a new version of Flash that addresses critical security vulnerabilities. Security bulletin apsb14-07 describes the vulnerabilities.

We strongly recommend upgrading to this new version of Flash (12.0.0.70) as soon as possible, especially if you have Flash enabled in a web browser and you use that web browser for web surfing.

As usual, Google Chrome will update itself to the latest version of Chrome, and Internet Explorer 10 and 11 will be updated to the latest Flash by way of Windows Update.

Ars Technica has more details.