Is Horde webmail as secure as Roundcube?

I'm not sure what you believe is encrypted in Roundcube regarding the database. Somewhere it, afaik, has to be stored in a retrievable way. Plaintext or decryptable with another plaintext password, doesn't really matter. Are you certain that the password for the database server is encrypted? It sounds somewhat unlikely, which is also one of the problems of systems like these.

The security problem is likely more related to the handling of input and the amount of codebase that is required to be publicly available.

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