Panther sleep-lock problem

I have my preferences set to require password when waking from sleep or screen saver. The problem I am experiencing is that when I open up my iBook (from sleep), the screen flashes (the current open files/folders) before turning black and requiring password. Is this a known flaw? Couldn’t it be considered somewhat of a security problem?
 
i got that in the past on my 10.2 cube. I don't get that on my 10.3 pb.

I would consider that a security problem though. I have the problem of the user/pass box taking a seemingly long time to appear for me to type my password.
 
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