This option encrypts any data you send over the network and can only be read by someone who has the pass key. This key is set by the user, and consists of a number of hexdecimal values (the characters 0-9 and A-F). You will have to type a certain amount of characters for your key, depending on the level of encryption you want (your router will explain exactly how many should type).
This chosen key is then encrypted by the router using 'bit encryption' (the number of bits used when encrypting the chosen code). It can be set as 64 bit, 128 bit or even sometimes 256 bit encryption. The longer the key or bits the harder it is to crack and gain access to your network.
One of the main downfalls of using WEP security is that you have to remember the hexdecimal code that you set originally if you want to add any more devices to your network, rather than a personalised password.
This option is just the same as WEP but more secure because the user sets one key, but the router changes the 'key' at preset times making it harder for anyone to exploit your network.
One of the main benefits of using WPA is being able to choose your own unique password without any restrictions, compared with WEP security that allows only hexdecimal values to be chosen.
Setting the WEP should be secure enough for most users, but if you want to be ultra-secure, use this setting instead.
Every network device has an identification code called a MAC code. This is unique code to the device and you can specify this MAC code in your router to allow data to pass. Only hardware that you allow can access your network. MAC codes are built into the hardware, so they cannot be copied. This method can be used with WPA or WEP also enabled.