Researchers from Germany have demonstrated a way to quickly retrieve passwords from the stored keychain of a locked iPhone or iPad by obtaining the device and jailbreaking it.
The Fraunhofer Institute Secure Information Technology team have demonstrated their exploit online, proclaiming that an "attacker can retrieve passwords in 6 minutes." The hack requires the person to have access to the physical phone, and relies on "jailbreaking" the device, a term used to refer to hacking Apple's iOS mobile operating system to allow users to run unauthorized code.
Well, I guess now you have to make sure you don't lose your iPhone and if you do, wipe it remotely immediately. If you jailbreak your iPhone and lose it, then it gives them a leg up.
Or...don't store any important info on your iPhone.
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