SSH: WARNING: UNPROTECTED PRIVATE KEY FILE! Error and Solution

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I‘m setting up server on an Amazon EC2 compute instance powered by Suse Enterprise Linux server. I am using the following command to login into the my EC2 compute from OS X/Ubuntu desktop:

ssh -i suse-ec2-server-jp.pem root@ec2-xx-yy-zzz-yyy.compute-1.amazonaws.com

I am getting the following error:
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
@ WARNING: UNPROTECTED PRIVATE KEY FILE! @
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Permissions 0440 for 'suse-ec2-server-jp.pem' are too open.
It is recommended that your private key files are NOT accessible by others.
This private key will be ignored.
bad permissions: ignore key: suse-ec2-server-jp.pem
Password:

How do I fix this problem and login using ssh command?