It comes with a key? Then it's an automatic Epic Fail.
Manged a group of less than 150 loaner laptops, cables with keys were the worst. Users were always losing them. Combination in the way to go. But not the ones with the flippy thing on the end for when you want to reset the password. They need to be pre-coded, or use a screwdriver to reset.. Personal preference is for pre-coded in lots of 25 because then you have the master list of combinations to match the codes printed on the locks.
Oh, and one of the techs had it down to about 35 seconds, certainly never more than 60 with the hack saw blade to cut through the cables on the ones that were fubar.