Hello to the security aware,
It seems like an open door, but it actually is whence your laptop is stolen. Bios passwords can be easily circumvented, and in penetration testing it was found, that a lot of users use passwords from either Lord of the Rings or StarWars.
You may have a serious problem at hand. How? Read this for a possible scenario:
http://www.technewsworld.com/story/33140.html
Read this for some ideas: http://wolfram.org/writing/howto/password.html, on password policy: http://security.web.cern.ch/security/passwords/ ,and read what microsoft has to say on the matter: http://www.microsoft.com/athome/security/privacy/password.mspx
polonus