How would I go about setting the permissions on the cgi-bin folder and the files within it? I know I need to change the permissions to 755 but I don't know where to do this. Is this something I can do in the Web Panel? If so, where?
You can use WebFTP which shows up under Manage Domains. Or some other FTP program. These will connect to your server and give you a file listing where you can edit the file settings.