Data leak

No. Your phone can not be hacked.

It's telling you that a password stored in your keychain was found in data leaked from an online service that you use and that you should change it or that account (and any others for which you use the same ID and password) might be subject to being compromised.

It means they have your ID and password. They log into your accounts... email, bank, etc. and take over, potentially stealing your identity and/or your money..

Change your passwords.

And do NOT re-use the same password for multiple services.

No way. Unless your device is Jailbroken. 

Iphoneuserforawhile wrote:

thank you for your reply, what happens if my passwords get leaked what power to hackers have with them and what do they do with my information?

They use that information to compromise your online accounts.