There are a few things you can do to improve the situation.
In web.config, set protection="All" for the cookie: http://msdn.microsoft.com/en-us/library/1d3t3c61.aspx. This will encrypt and validate, making it harder to hack client-side.
Additionally, cookies can have httpOnly set to true. This tells the browser that the cookie cannot be manipulated in javascript.
The <forms> element in web.config also has a setting for timeout (see link above). It's possible that Microsoft's implementation is smart enough not to depend solely on the cookie, but I don't know.
The other comments are correct that the client should never be trusted. So to be airtight, you'll want to track "last login" on the server and force a new login after some time period.