The latest version of the configuration editor comes among others with several features to enhance the safety of your information.
First the editor can be opened only with a password (note first time users: default is 12345).
Then all password fields for the email, reverse ssh, etc are secure text edits (i.e. show instead ****) so that neither the auto-complete dictionary nor praying eyes can have them.
All that together with the encryption of your sensitive fields by the SMSCON in its configuration file should make it a little more difficult task to break.
We are planning to add even more protection together with more interesting features in the future but till then have a look in the wiki page (http://wiki.maemo.org/SMSCON_Editor) for the complete set of changes.