Comment #109 on issue 1397 by haridara: Master password is missing
http://code.google.com/p/chromium/issues/detail?id=1397

My interest in the master password comes from the fact that firefox doesn't  
encrypt
the passwords on disk unless a master password is set (which means, without  
a master
password, someone who has access to the physical drive can easily extract  
them, so
locking the windows session will not help). If chrome is already encrypting  
the
passwords on the disk using the native OS crypto routines, then the  
additional
security added by master password is some "privacy". At work, I never walk  
away from
my PC without locking it first, but at home, I share the PC with multiple  
family
members, so it is not always possible to lock or even enforce a separate  
login per
family member. Master password definitely helps, but it doesn't seem as  
important as
it is on firefox.

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