KeepKey refuses to allow passphrase protected wallets in Chrome like Trezor always has. If your KeepKey seed is stolen so are your bitcoins. Now realize the same applies to Trezor, which is why smart Trezor users always use a passphrase on top of the PIN. With a passphrase protected wallet if your Trezor seed is stolen the thief gains nothing without the passphrase.

KeepKey says if you want a passphrase protected wallet you have to jump through hoops installing python dependencies for Electrum-2.6.3. I have done it see directions here and it works but Electrum is a pain to use with KeepKey. For some reason KeepKey makes it intentionally difficult to password protect wallets while Trezor makes it simple and even recommends you use a passphrase. That is why I no longer use my KeepKey. I either use Trezor or my BitLox.