I'm hoping that whoever is doing this is doing it to target Sony and isn't going to do anything with our info, but I have high hopes because I don't want to have to cancel my card and what I have going through it. Gonna let it go for a number of hours today and if worse comes to worse I'll just have to call my bank. This is the last time I'll be giving my CC info to Sony though, that's for sure.
While clear information is somewhat limited, my understanding of the situation is as such: Sony's network security relied on the clients being secure, which they were, until it was discovered that their encryption was fundamentally flawed. After this was discovered, the clients could no longer be trusted, and sony rushed to try and better secure their network, which they had some success in, but then somebody else discovered that, with the ability to run whatever they like on the client, they could trick it into connecting to the sections of PSN normally only accessible by developers, which removes a lot of the authorization checking. Very soon after this information was made known, PSN went down indefinitely.
Now, while I'm not privvy to any internal information, that sounds a hell of a lot like it was stumbled upon, and sony knew that if somebody was in there, they *could* access these things. That's enough reason to kill the network entirely, wheras mere piracy is not. However, because the timeframe between discovery and shutdown was rather small, it seems highly likely to me that this is preventative, not reactive, and that details haven't actually been stolen - just that it's theoretically possible they could have been. It's reason enough to make sure you're prepared (You should be anyway), but not reason enough to panic.