The ignition switch on most boats is only enough to stop the complete idiot and to keep the Honest man honest.
Any intelligent thief could hot wire a boat in about 12 seconds.
I store the boat in the driveway with the key in it. That way I don't have to look for it.
To Hot wire the ignition. Jump the (B)attery (Red), to the (I)gnition (Purple).
Then momentarily Jump the (B)attery Red to the (S)tarter (Yellow/Red) until it starts.
If it is a Magneto Ignition, remove the (M)agneto (Black/Yellow) wire from the switch.
Reconnect the (M)agneto (Black/Yellow) to stop the engine.
Don't confuse this wire with the (C)hoke (Yellow/Black) wire if you have one.
A complete new switch will cost less than $20. A locksmith may be a little more.
Replacing the switch is as easy as moving the wires to a new switch and mounting it in the old hole.
A picture of the switch including the connections on the back will help. There are a dozen different switches.