Someone at the urban75 forum reported that the hasps of his shed were cut with bolt cutters. The police told him that they had seen a spate of identical thefts. The hasps are easily cut even by medium sized bolt cutters, rendering the locks useless. The cable inside can also be dealt with by bolt cutters. If you have one of these sheds visible outside your home it's a giant advert that you have a bike worth protecting. Don't expect to keep it (your bike) unless you replace the cable with a huge Almax-type chain, and maybe add an alarm too. Trimetals say they are upgrading the hasps for existing owners.
Here's a hasp:
Here's the cable inside the shed: