A vulnerability in the information storage architecture of several Cisco IP Phone models could allow an unauthenticated, physical attacker to obtain confidential information from an affected device. This vulnerability is due to unencrypted storage of confidential information on an affected device. An attacker could exploit this vulnerability by physically extracting and accessing one of the flash memory chips. A successful exploit could allow the attacker to obtain confidential information from the device, which could be used for subsequent attacks.
http://seclists.org/fulldisclosure/2022/Jan/34
http://packetstormsecurity.com/files/165567/Cisco-IP-Phone-Cleartext-Password-Storage.html