A BIOS password can help you to keep your data saved but it does not ensure you the security of content you kept in your laptop.
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Configuring a BIOS password in your computer system can ad an additional security barrier to your data in your computer but it is still not said to be absolutely secured until your computer is physically protected.
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It is possible that for a virus to infect your BIOS but still you have a good piece of luck that there are very rarely occuring BIOS' virus.
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Updating BIOS regularly is not essential, even it is a software but updating it time to time can help you fix problems related to BIOS.
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