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Yeah I do agree and myself run FDE as a defence in depth measure and as a protection against specific threats such as the one you mentioned. I think we agree on that completely.
In saying that, I would further add that it shouldn’t be relied upon as the only defensive measure as once someone has gained physical access to the device it’s not going to protect you against targeted attacks. If someone has access to your home they could install a camera aimed at the keyboard, or a hardware keylogger, or the good ol’ $5 wrench attack.
I use FDE because my locks are easily pickable. I don’t trust the landlord’s son that lives in the unit above mine. Also the computer is near a big window. Property crime is a popular activity in the area, so the smash-and-grab is a plausible threat. Defence in depth, though, so I still lock the front and interior office doors.
Good point. Smash & grabs are definitely a valid threat model that FDE can help mitigate the effects of. Can be more or less prevalent due to location and ease of access. Personally, I live in a high rise, access controlled apartment so the smash & grab is a non issue for me.
Another specific threat could be protection against government seizure.