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How Much Do Lost Phones Cost Large Companies?


Losing a phone can be a frustrating and costly experience for anyone, but for large companies, the cost of lost or stolen phones can be particularly significant. In this blog, we will discuss the cost of lost phones for large companies and what impact this has on their bottom line.


Number of factors


The cost of a lost or stolen phone for a large company can vary depending on a number of factors, such as the type of phone, the cost of replacement, and the amount of sensitive data stored on the device. However, on average, the cost of a lost or stolen phone can range from several hundred dollars to several thousand dollars.


Replacing the phone and accessories


One of the biggest costs of lost or stolen phones for large companies is the cost of replacing the device. Depending on the type of phone and the company's policy, this can be a significant expense. In addition, large companies may also need to purchase new accessories, such as cases, chargers, and other items, to replace those lost with the phone.


Data breaches


Another cost of lost or stolen phones for large companies is the potential for data breaches. If sensitive company information is stored on a lost or stolen phone, it can fall into the wrong hands and result in significant damage to the company's reputation and bottom line. This can include the cost of remediation, legal fees, and lost business due to loss of customer trust.


Policies to report the loss


Moreover, large companies often have policies in place that require employees to report lost or stolen phones, which can result in additional costs. This can include the cost of tracking and locating the phone.


Conclusion


The cost of lost or stolen phones for large companies can be significant, ranging from the cost of replacing the device to the cost of data breaches and other consequences. To minimize the impact of lost or stolen phones, large companies can implement policies and procedures to secure their devices, as well as invest in security and tracking technology to help locate missing phones. By taking these steps, companies can reduce the cost of lost phones and maintain their bottom line.


The cost of lost phones for big business can be substantial. If your company is suffering from significant phone expenses for these reasons, buy a Prox PRD® for your employees and let them be reminded before they forget or lose their phone.


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The Prox PRD® Phone Reminder Device – Separation Alert


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