Kotaku reported today that Sony have added a 2 step verification process to logging into the PlayStation Network for an extra layer of security. This is probably to improve their security after having been hacked in the past and is available for PS4, PS3 and PS Vita.
You can set up the 2 step verification by heading to Settings > PlayStation Network Account Manager > Account Information > Security > 2-Step Verification.
This should make it a lot harder for hackers to get into individual PSN accounts and make changes or purchases that were not yours. Now venture forth and set it up and at the same time it is probably time to update your ‘password1’ to something harder.