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Using a Kensington lock is one of the best ways to protect your valuable items, in particular laptops. It's an effective method of deterring thieves, as although not too obvious, anyone looking closely at your Laptop will see it's locked and impossible just to grab it while you're looking the other way. It's a far better prevention system than labelling (or tagging) your laptop, as the Kensington lock stops anyone taking your laptop in the first place, so you don't have to rely on someone recovering your laptop if it is stolen.
The Microsaver's cable doesn't look that strong, but I suspect looks are deceiving and it's made from hardened steel. There is a loop at the other end of the cable (from the lock) and you simply unwind the cable from the Velcro strap, wrap it round something secure and pass the lock end through the loop and lock it to your laptop.
The locking mechanism onto the laptop doesn't feel that strong. It uses Kensington's T bar system, but you can wobble it about when it's locked into a Kensington socket, but you'd need to rip half the Laptop's case off to be able to steal it. Another point worth mentioning is you need to find something secure to fasten it to. This can be a bit of a problem if you're working on a table and there are no poles or rails to attach the cable to.
Overall the cable is extremely useful, even if just for the peace of mind, knowing you don't have to continuously keep an eye on your laptop. A key is used to unlock the Microsaver which is probably difficult to force open, but it does mean you have to carry the key around with you to lock/ unlock your laptop, meaning you could lose the key and then your laptop would be stuck somewhere! A code lock probably would be easier but would mean a bulkier locking mechanism.