Sensitive data include the following:
The system is designed in a way that protects this data, while at the same time allowing you to move an SD card from a unit that suffered a hardware failure to a new unit with minimal effort.
In this scenario, the SD card inserted into the replacement unit contains the system passphrase for the original unit, which does not match the one in the replacement unit. This results in the boot sequence failing due to the passphrase mismatch (indicated by Stat LED flashing with a 50% duty cycle with a 1 second period).
You are then prompted to enter the system passphrase (for the original unit which is stored on the SD card) via serial connection. You must first authenticate with platform credentials, before you can update the system password.