Before you had to go to the Adobe site and adjust settings in a weird, antiquated way (it is ancient, bloated, out of date technology, so that never surprised me).
Get the 10.3 player and it will install a control panel in System Preferences.
Then look under 'Storage' and check: 'Block all sites from storing information on this computer.' Flash is basically the only security risk that Macs have. Websites use it to monitor where you go and worse. PCs have the same risk, so you should check the same option, wherever it is in Windows.
Download the 10.3 player here:
http://get.adobe.com/flashplayer/otherversions