A smartphone is a tool most people use on an everyday basis. It is not just a telephone, it is a mini computer that users operate for a bunch of functions and services. Little surprise, therefore, that in most cases, the phone is packed with sensitive information like passwords, logins, pin codes, payment data, access to crucial accounts and services, etc.
Many people take proper care of their phones and think about keeping everything secure. The services also take utmost care of the safety and security of their clients. However, almost every telephone can be hacked, and all the data will be in access of the third parties. This can happen because of your carelessness if you leave all passwords and logins or write them down in your notes in order not to forget. You can also leave your telephone being unattended, and somebody can copy data from it directly. If you browse different websites without checking whether they are secure or not, you can also put your data at risk.
However, your phone can be cracked even without you being guilty in carelessness. You can become just a victim of circumstances, and your phone will be randomly chosen for stealing data. So, it makes sense to take care of security and prevent any risks, but you have to be aware that eventually unless you are a president and all your channels are protected by the government, your device can also be hacked.
If this happens, you may worry that the third party will get access to your texting and contacts. However, this only matters if the third party is your spouse, and you are not particularly faithful in your relationships. Then, yes, discovering your texting and contacts can be a painful experience with sad results. However, if your device was hacked by somebody else, your texting is not what they are most likely interested in, and not what you have to be worried about the most.
As it has already been said, you have to worry about access to your email and your bank account, if you happen to pay for services using your phone. Your social media accounts are also important if you are a blogger, or whatever because you can also keep a connection with important people through these channels. In case you use paid applications, the hacker can immediately change logins and passwords for these applications and use them for themselves, and you are expected to continue paying for them.
To prevent such a situation, take care of security for your smartphone, and also try to remember all your passwords and pin codes instead of writing them down in notes.