Yes, IIRC it is a Prism chipset so should support WPA. However early firmwares do not support WPA.
See
http://linux.junsun.net/intersil-prism/
This site includea a firmware flash guide and firmware from diffrent manufacturers. Do this at your own risk. But download the prism WinUpdate program from the link I gave you and it should allow you to check current firmware version.
I updated a prism cf card like this that had a really old firmware and now have WPA working through the CF card on my smartbook.
Any questions give me a shout
(I used 1.7.4 firmware to update the card most reliable WPA one
).
John