Password can be accessed by anyone because it is stored on the blockchain.
Even though the password variable has been made private, the password will still be stored on the blockchain and can therefore be accessed by decoding the bytecode.
People other than owner know what the password is and can use that to maliciously attack the protocol.
Manual Review
DOn't store sensitive data on the blockchain.
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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