Internet sharing problem 10.7.4

I used to create WEP protected Wi-fi network, then switch on internet sharing using Wi-fi and internet was shared through the Wi-Fi network I just created. Of course, pathetic that only WEP could be used but at least it worked.

Now, after update to 10.7.4, when I enable Internet sharing, my network I just created gets deleted, and some kind of default network with name "Wi-Fi Network" is created, and internet is shared through it! And, this "Wi-Fi Network" is totally unprotected! I cannot find a way how to change it's name or add any kind of security.

***, is it supposed to work like that, or is there anything wrong?

Thanks,

rA