How protected is your Mac without FileVault enabled?

Apple has used the FileVault name to cover full-disk encryption (often abbreviated FDE) since Mac OS X 10.7 Lion back in 2011. For years, FileVault used a read/write intensive encryption method that took a long time to first encrypt your drive and then was a slight drag on performance thereafter, though not very noticeable. In exchange, FileVault offered three significant protections against physical access to your computer, up to and including someone running off with your Mac and having

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