Among the fixes in the update is a way to prevent the evil bad guys from using a system crash to takeover your system. In the latest Adobe security bulletin, the company suggests updating to the new build for users of Adobe Flash Player 184.108.40.206 and earlier on an Android 4.x phone. Those running Adobe Flash Player 220.127.116.11 and earlier for Android 3.x and 2.x devices should also update to the new build immediately. To make sure which version of Adobe Flash Player you are running on your Android device, go to Settings > Applications > Manage Applications > Adobe Flash Player x.x.
source: Adobe via AndroidCentral