iPhone’s passcode security risk

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I stumbled upon this WSJ video explaining how if someone gets your iPhone's six digit key code they can basically lock you out of your iPhone, get into your bank accounts, and other things like that. Hopefully IPhone will find a way to make this more secure but is this a legit fear for iPhone users?

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If someone breaks into my home, steals my computer, and gets my password, they can likewise lock me out of my computer and access my bank accounts.

Convenience and security are usually inversely related. Each person needs to decide how much of each is necessary for them. I've had an iPhone for nearly 15 years, and my current balance of convenience and security seem to be working ok thus far.

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I guarantee this is not a concern for 98% of IPhone users. I work in Info Sec and do not worry about this at all.

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Obviously quite different, but this thread reminds me of a conversation I had with an info/syssec guy once in which he was joking about small to midsize business clients who start asking absurd hypotheticals, and his replying that at which point your syssec planning involved hostile nation-state actors, you've probably lost the plot

If someone gets access to your iPhone, you can log into iCloud.com and lock it remotely. You can even wipe it, then reset your iCloud password so it can't be signed into again.

That's if, and a big IF, they manage to figure out your passcode, and if you didn't set up Face ID, which makes it almost impossible.

And if you don't set up a six-digit passcode and set up Face ID, Apple reminds you every now and then that your security is at risk and you should do all these things to make yourself more secure.

I manage an Apple MDM (Jamf) and we almost never see these issues even with hundreds of users. Apple does do one thing right and it's security.

The best security in the world can't protect the very stupid, though. It's all up to the end user.