It should be noted that Netgear’s systems have not been hacked or compromised, but it seems that the company has noticed some suspicious activity involving attackers who were trying to break into the accounts of its users, which prompted the company to get its customers to update their account passwords just to be safe.
According to Netgear, it seems that these attackers have managed to get their hands on user credentials from an unknown third-party source, which is why Netgear believes that their systems might not have been compromised. Changing your password will only take a couple of minutes so if you do have some time to spare, perhaps it could be worth making the change just to be safe.
While changing and having to remember new passwords can be a bother, this is where password managers come in, so perhaps take a look at that if you need help remembering them.