Anyone who lets the phone out of their sight is an idiot!
Hmmm, if they had time to sit there and fiddle with your phone and get your data, they would have had enough time to turn it off and slip it into their pocket.
If the issue was the data then you are placing way too much expectations on the data security of the phone OS. Even if this was a Windows notebook most people could attach the HDD as a secondary drive and read all the data.
So what exactly then is issue - were you expecting impregnable self destruct type security? Me, I would be more pissed off I lost a very decent phone.