There are several steps you can take to secure a padlock from degrading to the elements.  

First, you can choose a device designed to resistant damage due to moisture and extreme temperatures.

Second, sealing the padlock with grease such as Vasoline or other thick oil-based lubricants will prevent moisture from damaging the inner components.

Finally, periodic inspections should be performed to ensure the padlock is properly functioning, requires additional maintenance, or replacement if neccessary.
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