We all know the dreaded feeling of a lost or stolen phone — but what are the cost implications to both an individual and a business?

“You have the cost of the device itself, but a bigger potential cost is the data on the device,” said Samsung’s director of product marketing Jon Wong during an interview in New York last month.

Wong explained this information inside an NYC taxi, one of the most common places where New Yorkers lose their phones, about the potential expenses businesses incur when employees leave their phones behind.

“If a device is comprised and [the wrong] data gets leaked, the cost from a business perspective can literally go into the millions,” Wong said.

Watch more from this interview with Wong – including how to mitigate the risks of losing your phone – in this video.