Data loss from lost or stolen device

By their nature, mobile devices are with us everywhere we go. The information accessed through the device means that theft or loss of a mobile device has immediate consequences. While many mobile phone users may be extra careful about keeping mobile malware off their device, some things are unavoidable, such as loss or theft. What’s really scary is what could happen when someone else finds those phones. The mobile device is valuable not only because the hardware itself can be re-sold on the black market, but more importantly because of the sensitive information it may contain. The exposed sensitive data included user data such as contacts, phone logs, email, documents and text messages, and other data such as customer information, corporate intellectual property, financial documents and employment records.

Mitigation

Establish and enforce policies. Companies must develop acceptable use mobile device policies to prevent security issues.
Mobile Device Management. Main focus of the companies to prevent mobile device threats is to take control of the mobile devices and their applications. Mobile device management includes a range of products and services that let IT managers prevent malware and manage other risks, such as lost or misplaced devices and improper employee behavior. MDM also takes security a step further by becoming an important monitoring and enforcement tool.
Enable Auto Lock. Enable the built-in phone lock feature with a strong password. This adds an extra layer of security to your mobile device and prevents unauthorized access particularly if lost or stolen.
Remote wipe. Perform a remote wipe of the mobile device or delete the corporate information on it. Every organization need to have method for remote wiping the mobile device. Normally its part of the functionality of Mobile Device Management.
Encrypt your devices. Protecting your devices by fully encrypting the device makes it incredibly difficult for someone to break in and steal the data.