Spectre and Meltdown belong to a category of vulnerabilities called “chip hacks.” These affect the processors of computers, phones, and tablets. Both hacks rely on the manipulation of processor operations in order to retrieve sensitive data. Spectre exploits a design flaw by tricking programs to perform unnecessary actions, potentially exposing confidential data. Meanwhile, Meltdown grabs information from the processor that ordinarily would not be accessible.
Please note that both of these hacks would require an actual malicious attempt by a hacker. Without the manipulation of the processor’s operations, private information, such as passwords, is relatively safe. However, if we’ve learned anything about security flaws, it’s that someone, somewhere, will make an attempt before a patch can be applied. The potential for your passwords to be exposed is real.