Amazon web services - front facing load balancer security group best practice

I have a front facing load balancer on my Amazon setup that allows inbound traffic to all ports from all Ips . It was setup like this by EB by default. Is this not insecure? What is the best practice for front facing load balancer security ?

In my particular case I need only traffic for ssl traffic and standard http traffic. I imagine I should only allow traffic to those ports but I am a little new to server side programming and setup.