With the rise of smart phone users and personal digital devices it is time to consider exercising caution and common sense with regards protecting your personal data, as you would with your PC, modern smart phones are as powerful as a PC and essential are mobile computers, and carry the same inherent security risks, and then some.
It is highly important you protect your phone and personal information with anti-virus and security software. I would recommend AVG for anti-virus, it is from the same company as per the PC a/v of the same name. This will protect you from rogue apps. It is also important to have a backup of your data in case of lost or stolen phone. I recommend Lookout, it is also an anti-virus/malware app but also offers backup solutions for contacts and photos, as well as the ability to remotely locate your phone via GPS using your PC. There are also plenty of apps to backup SMS and other data.
As ever, be vigilant and cautious of what you install on your phone, common sense will protect you more than any software!