The high-level module is still called MySQLdb. 0.3.1 is a bugfix release. If you have 0.3.0, and only use it with Zope, you do not need to upgrade. 0.3.2 is an enhancement release and is recommended. Zope-only users do not need to upgrade from 0.3.2.
Prior versions have transaction and security issues.
Prior versions have security issues, and this one may as well. Use 3.23.32 or newer if possible. Inc. All rights reserved.