I am recently without my phone. Not sure if it is lost or stolenphone, but regardless, I have picked up a few tips from the thread I announced my misfortune in.
First, I recommend, on your home computer or another Android device, using Android Device Manager. I found my phone (via GPS, "accurate to 11 meters"), added a call home button (ADM lets you do this from the web interface) and changed the lock pattern to a long alphanumeric.
Second, change all the passwords to services you sign on using your phone/Chrome. For me, I changed passwords for Google, Netflix, Amazon, Skype, Flixster, Facebook, Twitter, Reddit, and a few other apps. But remember Chrome saves passwords too, so especially if you save any personally identifying (health, banking, credit, professional) sites' pw's saved in Chrome, make sure to change those too!!! These services will differ for you. Make sure you log out of the service, then out of Chrome. Then sign in again. If you have problems, go to Chrome Settings > Show Advanced Settings > Settings - Passwords and check to see how many passwords there are for the service you are having problems with. I had a lot of problems with Chrome getting my passwords right.
Third, if you want to sync pictures etc so as not to lose them, you can try:
Fourth, for other options with security:
Avast Mobile Security
Do you want to wipe your phone with Android Device Manager? I don't know. If it protects your data then yes. If it protects your identity or credit, absolutely. But doing so may wipe the call home button and lock on the screen. I believe it unlocks the phone too, allowing the thief to simply sell it free and clear. I am not sure about this exactly though.