The WPA, wireless encryption protocol is no more secure. In an earlier attack, WPA could be cracked in 12 to 15 minutes. But now, after some research from Japanese scientists, the WPA algorithm can be cracked in under a minute.
This has been a breakthrough in the field of the establishment of the fact that wireless encryption technology has not been given much thought in the beginning, and now it is growing up to be a huge problem.
Earlier WEP had been proved to have so many vulnerabilities. And we hackers were able to crack a network in under an hour, if near enough the source to get sufficient packets. It didn't seem to be any problem at all, but we had to get those handshake packets for WPA, and then use dictionary or brute-force attacks. But now with this revolution brought about by these scientists, we cannot anymore consider WPA as a secure algorithm.
However, this has been proven to work with TKIP (Temporal Key Integrity Protocol) only, and does not work with AES (Advanced Encryption System) or the WPA2 protocols.
This post has more information about this.