http://www.raywenderlich.com/45645/ios-app-security-analysis-part-1
If an attacker were to try to get past this using the hacker’s version of brute force, they could potentially figure out the password in about 20 minutes. After figuring out the password, they can simply run a command line utility that can dump the keychain database.
What can you do about this? Here are Keychain best practices:
Encrypt the data: Although Keychain Access is more secure, it is also a high-priority target. For jailbroken iOS devices there are command line utilities that print out the Keychain Access database’s contents. Make sure you make an attacker’s life a little harder by encrypting the data using Apple’s Common Crypto APIs found in the Security Framework.
Do NOT hardcode your encryption key to the app: A long string found in the binary data section could potentially be interesting to an attacker. Not only that, if the encryption key is hardcoded, the attacker can post it online and have this attack apply to anyone using the app. You need to make a unique encryption key for the device.
http://www.raywenderlich.com/45645/ios-app-security-analysis-part-1