You don't want some evildoer to take over your system remotely, and neither does Adobe. Citing this potential vulnerability, Adobe patched its Flash Player to 126.96.36.199--and version 11 to 11.7.700.269 (Windows and Macintosh), and 188.8.131.521 (Linux).
This is an update well worth doing. Adobe identifies each specific vulnerabilty by a Common Vulnerabilities and Exposure numbers: For instance, this update addresses CVE-2014-0498, describing a remote execution vulnerability, and CVE-2014-0499, which covers some unsecured code addresses.
But the third one's the kicker: CVE-2014-0502 involves a bizarre situation where the same memory is being freed twice, possibly leading to a buffer overflow. You may wonder what this has to do with anything, but Adobe is "aware of reports that an exploit for CVE-2014-0502 exists in the wild, and recommends users update their product installations."