For most corporations, that would end the risk; for personal phones or companies that want the hardware back, it would be useful to have software that will phone home to tell you where a lost cell phone is so you can recover it.
That is, if you still want it, after having to retrieve it from someone honest enough to admit they have your phone but curious enough to pick up a lost cell phone and nosey enough to go digging through all your private data and pictures before you arrived to catch them at it.
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