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It is risky to leave your wireless network unprotected especially if you have critical information (financial, credit cards, bank accounts, etc..) stored in your home computers. If you live in a location that’s not very crowded you may opt not encrypting your network or go for a low network security if you wish or NO... personally it is still best to secure your network whether you live in a busy location or not . How about those network devices (computers and gaming consoles) that don’t support WPA2? This can be a big issue; it will be smart to buy new wireless network adapters for those devices that doesn't support WPA2 so that they can handshake with your router and utilize the highest network security.


Definitely use WPA2 for your wireless network. Both WEP and WPA have been hacked and it will only take minutes to hours to do this. WPA2 can also be hacked but it takes longer - days or weeks for someone to bypass to your network. If you have an older wireless router that doesn’t support WPA2, you should consider replacing it since routers now have become very affordable.  


Also, It’s always best to use complex passphrases. Tips for creating strong Passwords and Passphrases. 

http://windows.microsoft.com/en-us/windows7/Tips-for-creating-strong-passwords-and-passphrases


Modern routers also support Guest Network -  you may create a separate SSID(wireless network name) or multiple SSIDs for your Guests, make sure that you do not enable the LAN access from your router’s setting to prevent your Guests accessing your network files.


For Home and Small Businesses, it will be best to invest and if you can afford to buy a Security Device (in addition to your router’s security features) e.g…. Sonicwall or Fortinet.  It will be worth every penny and will protect your investments; rest assured that your network will be protected.


Hope this helps, this is my honest opinion on securing your wireless networks, others may have a different feedback.  :smile9:


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