Adobe Flash Player 16has been updated to 16.0.0.296.
This version includes a fix for CVE-2015-0311, a critical vulnerability [announced by "Kafeine" that] exists in Adobe Flash Player 16.0.0.287 and earlier versions for Windows and Macintosh. Successful exploitation could cause a crash and potentially allow an attacker to take control of the affected system.
Documentation: http://helpx.adobe.com/security/products/flash-player/apsa15-01.html
Direct downloads (no bundled junk) for Windows 7 and earlier 
:
Internet Explorer - http://download.macromedia.com/get/flashplayer/current/licensing/win/install_flash_player_16_active_x.exe
Plugin-based browsers (Firefox etc) - http://download.macromedia.com/get/flashplayer/current/licensing/win/install_flash_player_16_plugin.exe