A corporate executive lost their smartphone while on an overseas business trip. The phone was equipped with file encryption and secured with a strong passphrase. The phone contained over 60 GB of proprietary data. Given this scenario, which of the following is the best course of action?

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A corporate executive lost their smartphone while on an overseas business trip. The phone was equipped with file encryption and secured with a strong passphrase. The phone contained over 60 GB of proprietary data. Given this scenario, which of the following is the best course of action?