It's not exactly clear to me how May 5 was chosen. I thought that was Cinco De Mayo! Apparently this is the 3rd annual World Password Day on the first Thursday in May. However, for years before that, Feb. 1 has been National Change Your Password Day.
I don't know about the date change but I definitely support the name change. The point here is that changing your password is not the key thing to do... I've written about this plenty of times before... when it comes to passwords, size matters! And multi-factor authentication is a great choice for your personal accounts.
But don't take it from me... Let's hear from Betty White!