Losing your smarpthone is bad enough. But if you lose your iPhone and don't issue a remote wipe command (available for free with the Find My iPhone app) then you could find yourself in a world of hurt. Researchers at the Fraunhofer Institute Secure Information Technology (Fraunhofer SIT) can jailbreak and decrypt passwords from the iPhone's keychain -- for say, your Gmail account, corporate VPN, home WiFi, and MS Exchange -- in about six minutes using existing, known exploits. Sorry kids, your flimsy lockscreen passcode won't help. Video proof, after the break.

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Researchers steal iPhone passwords in six minutes (video)