Fraunhofer Institute for Secure Information Technology (SIT) in Germany devised the hack. Researchers did the tests to demonstrate that passwords aren’t secure on Iphones that have been lost. The flaw affects all Ithings with the latest firmware and the team didn’t even have to break the more complicated 256-bit encryption. The team also managed to retrieve most of the passwords stored on the Iphone, accessing personal data that could be used to get into bank accounts. This amounts to a serious hit against Apple’s recent push to position its Iphones as a valid corporate proposition.
Source: https://thehackernews.com/2011/02/iphone-can-be-hacked-in-6-minutes.html