Back in August of this year, Wired reporter Mat Honan had his "entire digital life destroyed" in the span of just an hour. His post on covers the ordeal in great depth, including some incredibly valuable tips for protecting yourself online. Honan breaks the news that "no matter how complex, no matter how unique, your passwords can no longer protect you."
This is well worth a look and something I would advocate everyone reads, no matter how secure you think your password is. This is especially so pertinent as our lives are now so ethereally linked through the web; any barriers that once separated our finances, correspondences and social presence(s) are now fast being dissolved by how interconnected these now are.
As an aside, could this also add a new dimension to choosing pets names? If you are to relying on using this as inspiration for your passwords, which reportedly many people do, will this mean these will become increasingly more obscure to increase their strength as our passwords? Will we soon be hearing people shouting after 'rex132_a' as he runs off in the park?