Researchers at the Fraunhofer Institute Secure Information Technology (Fraunhofer SIT) were able to retrieve a number of passwords from a locked iPhone, using existing, known exploits. Instead of cracking the passcode, they jailbroke the device first, and then installed an SSH server on the phone that allows running software on it, gaining the access to all stored passwords on the device, by copying a Keychain (Apple’s password management system) access script.
These guys have managed to stole the passwords Gmail account, corporate VPN, home Wi-Fi, and MS Exchange, Wi-Fi networks, saved website logins, anything stored in your keychain file and it took them just the six minutes to to retrieve the stored password
Researchers at the company demonstrates how a jailbroken handset still allows access to a huge space of the iOS file system, including where all your secret codes are stored. two-minute video proof after the break.