According to a recent report from mobile security firm Lookout Labs, Americans lost about $30 billion worth of cellular phones in 2011.

Newark ranked as one of the top cities in the nation for lost and stolen phones.

On average, it costs someone $250 to replace a phone. However, losing one's phone is not only a financial burden. It also causes an emotional impact.

In fact, the fear of being out of mobile contact has an actual term - nomophobia.

"Your phone is your lifeline. It has your bank info, pictures of your family, your contact book," explained Alicia diVittorio, Mobile Security Advocate for Lookout.

She said phones have become so essential, and are needed everywhere, so it is much easier to lose them.

The report's findings were based on data from 15 million uses who downloaded Lookout's application that locates lost mobile devices.

"Most people lose their phones at night during the hours of 9 p.m. to 2 a.m.," diVittorio said.

For that reason, phones were most often lost at bars and restaurants, as well as coffee shops and workplaces.

In case your phone happens to end up in the wrong hands, there are some steps to take to protect yourself.

"Having a passcode is your first line of defense," said diVittorio. If a password is in place, there is no (easy) access to your personal information. Passwords can be implemented with an app; the feature is also included on many phones.

You could also plan ahead by downloading an App similar to one created by Lookout, which allows you to track your device through Google Maps over the internet.