If you want to try and come up with a more secure password, try
howsecureismypassword.net.
Privacy is more than just passwords though. Bit of a lame opening to a very broad topic.
The site seems like it's calculating on a pure brute force attack. But a dictionary attack with a well chosen dictionary against the sort of passwords advocated in the XKCD strip can be more effective than that. A four word password is totally crackable within a reasonable amount of time.
The idea is still a good one, it's the best way to generate secure yet easy to remember passwords. But they're not as secure as that website might lead you to believe. I believe six words is generally considered to be pretty secure by today's standards.
For an interesting overview of general cracking tactics:
So, err, the time needed for an average computer to crack a password, according to that website - that's just the raw time to run through enough random combinations to "guess" right password, I suppose? I mean, most websites block further log-in attempts after entering a wrong password a couple of times...
Yeah, nobody is cracking passwords like that on any half respectable website. What they do is get a hold of the table that holds the passwords. However, only a complete idiot would hold the passwords in plaintext, what they hold is a hash of the password. Basically, the password is put through a mathematical transformation that is extremely difficult to reverse, and the result is stored. The password is confirmed by putting the word you enter through the same transformation and checking whether it matches.
So a cracker has this list, and the only way to find out what the passwords actually are is to run their guesses through the mathematical transform one at a time and compare them. One can just go through starting with AAA, and then AAB, AAC, AAD, etc. This is called brute forcing, and while it takes a long time you'll eventually get all the passwords.
Another option is to use a dictionary of selected words and phrases, which can be used, combined, and modified using selected rules like E=3 and A=4. This won't crack all passwords, but it'll get you a surprising number. And a cracker is really only after a few passwords, they don't particularly care which ones they get. It's much faster than pure brute force, and it deals with multi word passwords like the XKCD one pretty well. You still get decent security out of the XKCD method, but it's not as impregnable as you might think.
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For a really strong password, you're better off taking a memorable phrase and modifying it. For example, The quick brown fox jumps over the lazy dog. Take the first letter of all these and you have Tqbfjotld. Maybe stick a 1 in there instead of the L, and maybe you type out the "dog" at the end, so you have Tqbfjot1dog. That's a pretty solid password against any cracking scheme, and easy to remember.