Re: Physical Access
"But encryption keys aren’t stored in the RAM when a machine hibernates or shuts down. So there’s no valuable info for an attacker to steal."
Maybe not - but if they can reflash the firmware, they can put in a keylogger or whatever trojan nonsense they want.
The missing laptop is "found", "handed in" to the hotel, returned to its owner, gets used again, and is p0wned forever more. This is the well-known Evil Maid attack.