What happens when someone loses their ring?

Unlike access badges or keys, there's virtually zero risk of a lost or stolen ring being used for malicious access. The ring owner simply needs to inform the appropriate IT personnel, who can revoke the access permissions associated with the credential stored on that ring and enroll the user again with a new ring. The old ring cannot be unlocked by anyone but the enrolled user, so there's no risk of someone utilizing it if one is found or stolen.