Password theft is definitely something that you wouldn’t want to happen to you and with the iPhone gaining more and more support in the enterprise scene, folks have begun taking a more serious look at the security of the device. Reports have surfaced that thieves can extract and decrypt passwords stored in your iPhone, in less than 6 minutes. Important information such as your Gmail login, corporate VPN, home Wi-Fi and MS Exchange details all can be accessed through this method, which involves jailbreaking the phone and accessing the data within. At this point, it’s probably worth installing the Find My iPhone app to remotely wipe your phone in the event that it’s stolen. You can check out a video demonstration after the jump and see for yourself.