php 5.3 & mysql

I upgraded one of my servers to be using php 5.3 and now I cannot connect to mysql. I get the following error:
[SIZE=4][FONT=Times New Roman] SQLSTATE[HY000] [2000] mysqlnd cannot connect to MySQL 4.1+ using the old insecure authentication. Please use an administration tool to reset your password with the command SET PASSWORD = PASSWORD(‘your_existing_password’). This will store a new, and more secure, hash value in mysql.user. If this user is used in other scripts executed by PHP 5.2 or earlier you might need to remove the old-passwords flag from your my.cnf file[/FONT][/SIZE]

[SIZE=4][FONT=Times New Roman]If I change the user password from the control panel, will it automatically reset it to the correct version? Is this something that I have to open a support ticket for?[/FONT][/SIZE]

We are working on this, it will be done with the MySQL upgrade that was to be scheduled for a few days later, we are working on finalizing this now.
I think a ticket may can help you in the short term, but may be some changes afoot.

I went ahead and opened a ticket…[SIZE=11px][FONT=Tahoma]JLU-74968-916[/FONT][/SIZE]

Ticket is updated. Kindly check it and reopen if needed.

Thank you!