Why erase a stolen iPad? I recently had my iPad stolen. I immediately marked it as lost in case it ever connected to the internet again (it is cellular enabled, so there is a favorably good chance). I clicked "erase iPad" but stopped when the prompt said "An erased iPad cannot be located or tracked any longer."

I began to wonder: how secure is my iPad's data? Is there any risk that the device may be hacked and its contents exposed? Passwords, credit cards, emails, etc.?

A simple google search found that iPads are very secure by virtue of the passcode (https://www.macworld.com/article/1160313/iPad_security.html). So, if left unerased, what risk remains? Certainly, I want to be able to track the iPad if it does ever come back online. But by not opting to erase the iPad, am I leaving myself potentially exposed?
In short, you erase it if -  &amp; only if - the data on it would be more costly to lose than the price of a new iDevice. Some businesses consider their data to be worth far more to a 'spy' than the device itself.

If you're a 'regular guy' your best bet would probably be to leave it locked &amp; registered actively with FindMy, just in case it ever shows up again. To all intents &amp; purposes, any other 'regular guy' who took it now owns a very shiny brick.

If you're an international terrorist, business owner with a new patent, scientist with the formula to a cure for the common cold, or a government employee with national secrets on there - then you may consider total deletion a better bet - just in case another business/government agency considers it worth half a million bucks to hack into it.

iDevices are very secure - but nothing is impenetrable.