Please read the following two blog posts:
http://www.vbulletin.com/forum/blogs/zachery/3993888-fixing-your-site-after-you-have-been-hackedhttp://www.vbulletin.com/forum/blogs/zachery/3993849-best-practices-for-securing-your-vbulletin-site
Also please see these recent security announcements:
vBulletin 4.1.x-4.2.x & All versions of vBulletin 5: http://www.vbulletin.com/forum/forum/vbulletin-announcements/vbulletin-announcements_aa/3991423-potential-vbulletin-exploit-vbulletin-4-1-vbulletin-5
vBulletin 5.0.x patch released, for a different security issue: http://www.vbulletin.com/forum/forum/vbulletin-announcements/vbulletin-announcements_aa/3993204-vbulletin-5-connect-security-patches-released-all-versions
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