Fraunhofer Institute Secure Information Technology (Fraunhofer SIT) have found a way to Extract your iPhone Password in less than 6 minutes. They can decrypt almost every password in your iPhone Keychain. And this is a great threat to all of the iPhone users around the world, ‘Cause you may loose your Gmail account, corporate VPN, home WiFi, and MS Exchange Passwords in just 6 Minutes. If you store sensitive information on your iPhone you have a great threat to loose all that information in just minutes. The amazing thing about this cracking is that, they won’t require your passcode to get entrance to your iPhone. This was taken as a research, but as it is revealed it definitely mean that if the researcher’s can access your device than hacker can do the same in just minutes.
As soon as attackers are in the possession of an iPhone or iPad and have removed the device’s SIM card… Control of an e-mail account allows the attacker to acquire even more additional passwords: For many web services such as social networks the attacker only has to request a password reset.
Hacker won’t need your Passcode to access your Device, because your Password is based on the material available within your device. Once hacker’s have got possession to your iOS device all your data is visible to him even the most sensitive you’ve saved in your device.
The attack works because the cryptographic key on current iOS devices is based on material available within the device and is independent of the passcode, the researchers said. This means attackers with access to the phone can create the key from the phone in their possession without having to hack the encrypted and secret passcode.
Owner’s of a lost or stolen iOS device should therefore instantly initiate a change of all stored passwords… Additionally, this should be also done for accounts not stored on the device but which might have equal or similar passwords, as an attacker might try out revealed passwords against the full list of known accounts.
Here is the Video, evidence of the Hacked iPhone, done in only 6 Minutes:
The best way to protect yourself from being open to this sort of hacking, when you lose your phone for instance. Is to setup a remote wipe facility before losing your iPhone. Which will allow you to remove all data from your iPhone via a remote command if you should lose or have your iPhone stolen. The free iPhone app Find My iPhone offers a good remote wipe facility.