Smartphones are devices tailor-made for losing and they are not just phones. They are highly portable computers that contain more than your wallet and can quickly compromise your identity and lead to theft and a world of hurt.
You can establish processes, cases and protocols to ensure you don’t lose it but eventually you will. Your best bet is to assume the worst, that you will lose it someday. Once assumed you can plan for that loss.
There are two or three things that you should do to prepare. In priority order.
- Establish a secure lock-screen. Use a complex pin code or pattern.
- Setup tracking and remote wiping capability. There are 3rd party apps that do this but I recommend the upcoming Google solution because it’s baked into the OS and stays compatible with your phone.
- Enable two-factor authentication with your email and any financial accounts
More can be done and should be considered. It revolves around stronger passwords and master password storage but the above will get you started. Nothing is perfect and a determined foe like the Chinese or Syrian government can get your info but be comforted in the fact that it is more like a lightning strike, safety in numbers. Only a few people out of billions get hit.