WEP (Wired Equivalent Privacy) was the original security protocol for 802.11 wireless networks. It uses RC4 encryption with a weak 40-bit key. WEP has significant flaws like small keys, key reuse, and IV reuse that allow attackers to decrypt packets and compromise networks. While it provides some protection, WEP is insecure and better alternatives like WPA or IPsec should be used to securely encrypt wireless traffic.