My team at work was recently working on encrypting some hard drives using Microsoft's BitLocker on Windows 7 hosts. The initial encryption for the 2TB drives took several hours to complete. This is all fine and dandy.
What is concerning me however, is that upon changing the password, the process was instantaneous. This doesn't make sense to me, since I assumed that BitLocker was using my provided password (or some hashed derivative) to actually perform the encryption. If that were the case, then the drive should require complete decryption followed by re-encryption (a several hour process, right?).
So how does BitLocker actually encrypt the data? Does it use some secret value hidden in the depths of the Windows code to perform the encryption? And if so, is my password merely a check to see if Windows will permit decrypting? If so, what protection am I really getting from BitLocker, since a stored encryption key is a breakable encryption key...