Bitly Credentials Possibly Compromised

A few weeks ago, we posted about custom short URLs for your business. One of the most popular link shortener sites, Bitly, announced late last night that some users credentials may have been compromised. The security breach is outlined in a blog post.

Bitly users are encouraged to do the following:

1. Reset your password. BBB recommends that you chose a password that is at least 8 characters long and contains a mix of upper and lowercase letters, numbers and special characters.
2. Change your API key and OAuth token. This can be found under Settings > Advanced and select "Reset." Don't forget to update any applications with the API key, such as social schedulers.
3. Reconnect your Facebook and Twitter accounts. Bitly took the steps to invalidate all Facebook and Twitter profile accounts associated with your Bitly login. It may look like your accounts are still connected, but Bitly warns that users will not be able to publish links until the social accounts are reconnected.  

What do you think of all these security breaches?