Value of a setPassword() function parameter can be read onchain through block explorers like Etherscan.
Anyone can read the values of setPassword() function arguments onchain when called by the owner.
Manual Review
Consider keccak256 hashing the password before supplying it to the setPassword() function call.
Private functions and state variables are only visible for the contract they are defined in and not in derived contracts. In this case private doesn't mean secret/confidential
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