Solution
1) Ensure that wordpress is always up to date
2) Change your FTP login details regularly
3) Lock wp-admin folder (Watch this video tutorial for cpanel users http://twopiz.com/tutorial/passwdprotect.swf )
Error that you may see when you password protect your directories for wordpress.
Shows error page not found.
Solution
Create/Edit a .htaccess file inside your root directory of wordpress
Put in the codes below inside
RewriteEngine on
ErrorDocument 401 default
ErrorDocument 403 default