Smartphones are being stolen at an alarming rate in the US over the past few years. This should be a concern as more company’s are looking to implement BYOD. A study also discovered that one in ten smart phone users are victims of device theft with only 30% every getting their smartphone back.

The most amount of the thefts occur when someone leaves/forgets the device in a public place, this accounts for 44% of all thefts. Of that 44%, restaurants are the most common place the theft occurs, 14% of thefts occur from a house or car that is burglarized. About 40% of the victims had the smartphone stolen between 12:00 PM to 5:00 PM and it took over an hour before they realized the device was missing.

This is bad news for enterprises as 10% of mobile devices contain confidential information are lost or stolen, according to mobile security provider Lookout’s “Phone Theft in America” report.

At least 12% of victims got hit with fraudulent charges on their stolen smartphones and 9% got hit with identify theft. You also occur a productive loss when losing a smartphone as 90% attempt to reclaim the phone with 60% filling police reports.

A scary statics is that 70% of people would go vigilante and put themselves in harm’s way in order to get their phones back. Some would even pay a ransom up to $1,000 dollars to retrieve the sensitive data on the phone.

Some key items in protecting your smartphone is a having a strong passcode, a located my device app and remain vigilant about the phones whereabouts. IPhones and Androids are the most commonly stolen device with 39 percent of victims reporting stolen IPHONES and 33 percent stolen Androids.

A major risk to corporate users is a smartphone that is setup for dual factor authentication. That could lead to a compromise of the corporate network. That is why a MDM solution is critical on devices so they can be wiped if the device is wiped or stolen.

You need to remind your users about best practices when owning a smartphone and how to help prevent them from becoming a victim.

 

The full Lookout report is available here for download.