Here's why it's being recommended you change your Facebook and Instagram passwords as soon as possible.

On Thursday, Krebs on Security reported Facebook had as many 600 million users passwords stored in plain text. Meaning any of Facebook's thousands of employees could have easily looked up your password.

"To be clear, these passwords were never visible to anyone outside of Facebook and we have found no evidence to date that anyone internally abused or improperly accessed them," Facebook VP Engineering, Security and Privacy Pedro Canahuati said in a statement.

The social media giant announced they will be contacting hundreds of millions of Facebook Lite users, tens of millions of other Facebook users, and tens of thousands of Instagram users to inform them their passwords were stored in plain text.

Following Facebook's announcement, many security experts recommended all Facebook and Instagram users change their passwords right away.