My prior employer and my current employer set policies (not the written kind, but the kind enforced by the devices) to have password protection on PDAs containing company data. The minimum requirement for a password on a PDA tends to be four characters, although some have the capability to interpret keypad and various controller button touches / clicks as a "password". The challenge is that you don't want someone to get disgusted with the password policy by making it overbearing and hard to do. The time-out is generally around ten minutes. Multiple bad passwords that results in a lock out is typically ten.
 
Also, RIM has functionality in the BES (Blackberry Enterprise Server) that will "kill" a Blackberry that has been lost or stolen -- effectively wipe the device remotely. I believe that Windows Mobile devices have similar functionality, as do devices using Good Mobile Messaging.

 Patrick Cunningham, CRM
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"Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety."
Benjamin Franklin, Historical Review of Pennsylvania, 1759 

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