6 minutes; that's all it takes for someone who finds or steals your iPhone or other iOS device to decrypt your passwords. Researchers from the Fraunhofer Institute of Secure Information Technology have released a video showing how easy this is. They jailbreak the device, access the keychain file, and decrypt it. Any passwords you've stored will be accessible - your e-mail account, web sites, banking information, etc. There's not much we can say about this for now, other than to hope that Apple fixes this pretty quickly.