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Does ATIH2013 store passwords securely?

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Hello everyone,

imagine this situation:
Alice has private files, which she needs to backup regularly. She uses ATIH2013. Alice wants to be insured against the situation when backup files are stolen, therefore she protects her backup with a password "abc".
Now Bob wants to get access to Alice's private files. He steals backups only to find out, that they are password-protected. Theoretically, he could kidnap Alice and torture her a little bit, hoping that she would eventually tell him the password, but Bob has another idea. He secretly clones the hard-drive from Alices's PC, where ATIH2013 is installed.
Bob thinks, that he could find a place where ATIH2013 stores passwords to backup jobs.
Question (to developers): will Bob eventually succeed and why?
In other words, I am interested, how and where does ATIH2013 store passwords for backup jobs and whether there is at least a theoretical possibility of decrypting it? I just hope, that it will not be the case of "security through obscurity", because that would be extremely insecure...

Thank you for your answers in advance!
Paul.

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The passwords are stored within the tib file.

I imagine, (but I don't know) that the password is converted into some binary representation, so to read one 'Bob' would have to know or have reverse engineered True Image to find out the algorithm.

Of course there is no such thing as totally secure and if 'Bob' happened to work for some corganisation that specialised in this sort of thing then it would be par for the course he would eventually be able to break in.