PIM stands for "Personal Iterations Multiplier". It is a parameter that was introduced in VeraCrypt 1.12 and whose value controls the number of iterations used by the header key derivation function.
PIM is used by volumes even if the creator of the volume did not specify a value. It is an optional component that improves security: it adds another step to the authentication process similarly to two-factor authentication. The main difference is that the PIM value is fixed and not generated on the fly when requested. An attacker needs to know the master password and the PIM, if not set to default, to breach the encryption successfully and access the content of the drive or partition.
A couple of good reasons exist to change the PIM value:
Thankfully though, it is relatively easy to change the PIM of any VeraCrypt volume. The function is linked to the password; if you change the password of a volume, you may change the PIM as well.
Here is how that is done in detail:
It is still possible to use an old VeraCrypt Rescue Disk, if it exists, to restore the system partition or drive using the old password. It is recommended to delete the old Rescue Disk and create a new one.
While you are at it, select Tools > Backup Volume Header as well. The process is identical to how that was done under TrueCrypt.
Both processes require elevation. You are asked to move the mouse to generate a random pool. Select continue once you are satisfied; VeraCrypt highlights the progress and you should not end it before the bar turns green.
The encryption software displays a success (or failure) message afterward.
That's all there is to the process. You may want to test the boot or mount speed after the operation. If it takes too long you may want to consider reducing the PIM value to speed it up.
You need to check the "use pim" box when you mount a volume to specify it, or type it during the boot process.
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