Chain lube is your friend, squirt some down the hole (do not squirt WD40)
Ooo, I dunno about that BikerDude. Your mileage may vary, but I ruined an Abus U lock with chain lube.
I'd used 3 in 1 for years but thought I try chain lube and over a couple of weeks the mechanism got stiffer until it jammed. Eventually it got so bad I spent 30 mins trying to open it at the car park and was lucky I didn't have to cut it off. I let it soak in various solvents over several days trying to get the stuff out and then lubed it with 3 in 1, but it was never the same again so I stopped using it. Chain lube seems to attract every little bit of grit and muck and turn it into a paste like what you'd find behind the sprocket cover. I would never use it on an ignition lock. They're far too fragile.
My ignition lock is now so worn I can take the key out with the ignition on. In fact, I had keyless ignition before the Multistrada. It's still working ok, and it's done 150k miles..... a single drop of 3 in 1 down it after every wash. The tank and seat lock work like new.