A system, method, and program product is provided that establishes a shared secret between a computer system and a peripheral device such as a removable nonvolatile storage device or a printer. After establishing the shared secret, the peripheral device is locked. After the peripheral device is locked, an unlock request is received and the shared secret is sent to the peripheral device. The peripheral device then attempts to verify the shared secret. If the shared secret is successfully verified, then the peripheral device is unlocked allowing use of the device by using an encryption key that is made available by the verified shared secret. On the other hand, if the shared secret is not verified, then the peripheral device remains locked and use of the device is prevented.