Google released 2 stage authentication some time ago, but many people seem suspicious or don't appreciate the risk of not using it.
The reality is now most people will use google tools in some shape or form, from webmaster tools to google analytics, or monetize with adsense or promote with adwords.
Whatever you use, no doubt they are all using the same google account.. so protect it!
2 stage authentication involves logging in as normal with your username and password, but also entering a pin which you will receive via sms. So if your password becomes compromised, then unless they also have your phone, you are safe!
Its not the hassle it sounds, as it will remember your pin for 30 days on your machine (or apparently longer now for trusted computers) but any new device, it will automatically request a pin.
I set it up ages ago, and its painless. After getting my hotmail account hacked twice, it was only a matter of time before my gmail account got knobbled, and business wise, it's become critical.
To switch it on go to this google post:
Setup - Accounts Help
To hear more about it, as well as myths debunked, see this blog post from Matt Cutts:
Please turn on two-factor authentication
