Wired Equivalent Privacy definition in Computer Security terms:
Definition(s): A security protocol, specified in the IEEE 802.11 standard, that is designed to provide a WLAN with a level of security and privacy comparable to what is usually expected of a wired LAN. WEP is no longer considered a viable encryption mechanism due to known weaknesses.
Source(s): NIST SP 800-48 Rev. 1
reference: CSRC Glossary