I can't even believe that someone now stores data in an unencrypted form.
The disk may be encrypted, but the server can't run if it isn't unlocked. Physical access does the rest:
the consensus seemed to be that preventing data access when someone has physical access to the server (the machine is turned on and running applications) is nearly impossible.
I have absolutely no knowledge to argue with security experts, but there are many other ways to secure your coins, for example, not storing all coins on 1 server and so on.
It seems that states are hunting for coins and not for people, although by government standards this is a very small value.