In accordance with embodiments of the present disclosure, a method may include generating a master cryptographic key for encrypting and decrypting the one or more variables stored in a non-transitory computer-readable medium accessible to a basic input/output system of an information handling system. The method may also include encrypting the master cryptographic key with a system password, such that the master cryptographic key as encrypted with the system password may be decrypted and used to encrypt and decrypt the one or more variables in response to entry by a user of the system password. The method may further include encrypting the master cryptographic key with an administrator password, such that the master cryptographic key as encrypted with the administrator password may be decrypted and used to encrypt and decrypt the one or more variables in response to entry by an administrator of the administrator password.