Hello Arbitrary,
I've gone through my share of problems with Netgear routers. They simply suck and that's as far as I know the reason for their forums closing down. My host family in Sweden owned one, which died due to overheat as soon as you downloaded something big ^^
But I don't know your model, maybe that's not an issue. Certainly a problem though is that WEP encryption is w-e-a-k.
Depending on the bit (I think 64/32 are the options) a hacker (I tried) just needs to monitor one day of active internet usage to decrypt the password.
You talked about WPA encryption, if you've got possibility use this one, but as far as I know, Windows has problems with that.
If that is not an option, you should only allow the MAC addresses of your home computers. If you're not an internet coffeehouse owner, then this should be best for you. Everyone, who is not among the allowed MACs will not be allowed access.
To get the MAC-addresses, you can either find them out in your Network preferences (every network card has a unique MAC address) or (I did it this way) you have an open connection, let the computers connect, add their MAC addresses to the "Allowed" list and then you disallow everything else.
Btw. if you forget your password, the easiest way to reset would be to plug in via cable. Not a complete system reset.
Greetings,
Ruben
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