What should be the immediate action for mobile devices used for business if they are lost or stolen?

When a mobile device used for business is lost or stolen, the immediate action should be to remote wipe the device. This process ensures that all data stored on the device, including sensitive information such as emails, contacts, and proprietary business documents, is erased remotely. By executing a remote wipe, you greatly reduce the risk of unauthorized access to the business's confidential information, which could lead to data breaches, financial losses, and reputational damage.

The importance of a remote wipe lies in its effectiveness as part of a comprehensive mobile device management (MDM) strategy. Many organizations implement MDM solutions specifically to allow for such measures to be taken quickly in the event of loss or theft. This is a critical step to protect corporate data, especially in scenarios where devices are equipped with access to sensitive networks and applications.

Taking actions like reporting the loss to the manufacturer or changing associated passwords can be important as secondary measures, but they do not protect the data on the lost or stolen device immediately. Reinstalling the operating system is not practical or effective in this situation either, as it doesn't address the immediate risk posed by the unauthorized access to the data on the device. Thus, remote wiping is the most effective immediate action to mitigate risk.