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VIDEO: Your iPhone Can Be Hacked in Six Minutes

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You consider yourself pretty tech savvy -- certainly well-versed in computer security. You avoid nefarious sites and keep a varied set of passwords, inserting upper-case letters and special symbols to make them increasingly complex and harder to crack.

But guess what. Your iPhone can still be hacked, revealing every single password stored on your device, in under six minutes. And it's done without even cracking the iPhone's passcode.

German researchers at Fraunhofer SIT demonstrated the process. If an outsider has access to your iPhone, all they'd need to do is target keychain -- Apple's password management system. Taking advantage of existing exploits in iOS, a hacker can access large portions of your data.

And that includes email, voicemail, Wi-Fi, VPN, Exchange, and even some application passwords.

Hope you don't mind a Tap Zoo fan paying $99 for a virtual bucket of coins with your money.

Here's video of the hack in action:

In a statement, the researchers said, "As soon as attackers are in the possession of an iPhone or iPad and have removed the device's SIM card, they can get a hold of e-mail passwords and access codes to corporate VPNs and WLANs as well." Adding, "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."

So what can be done? Your best case scenario is to perform a remote wipe using an app like Find My iPhone. And hopefully this can be done within a six-minute window.

"Owner's of a lost or stolen iOS device should therefore instantly initiate a change of all stored passwords," said Fraunhofer SIT. "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."

So the next time someone wants to take a gander at your iPhone, keep the hands-on demonstration brief.

(See also: Proof You Should Change Your Passwords Immediately and Verizon Ruins iPhone Launch)

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