Typically if your iPhone was lost and you had secured with a passcode, the only option available to one who found your iPhone would be to restore without a passcode. While the right thing would be to return it to its rightful owner, that’s not always the case. Matters are made worse now with iOS 6.1, which allows someone to bypass your locked iPhone using a sequence of button presses.
This has all sorts of security consequences. Losing or having your iPhone stolen is bad enough, but your problems can be compounded if your data is compromised. Personal information and for those who use Passbook to pay for things, it can get even worse.
It seems as if iOS 6.1 took forever to release, yet it’s riddled with bugs that are not typical of a minor point update in iOS. Maybe they’ve got bigger fish to fry in Cupertino? How many months is it until WWDC?
Source: Gizmodo UK