Smart phones and other mobile devices are widely used in day to day life. One of the important feature of mobile devices is mobility, which exposes them to different threat environments and excludes them from relying on external physical security. So, the security requirements for mobile devices are different from stationary machines. The enterprises, government, and military uses various productive applications. Productive applications often deal with sensitive and secret data. A risk management and security framework is required to protect applications and data on mobile devices. Application lockbox provides another layer of protection for sensitive applications and data in mobile devices. Lockbox has ability to lockout sensitive applications and data. If the lockbox is locked, applications and data inside it should be protected from the attacks on operating system and physical attacks. It will encapsulate individual applications and all their associated data to allow for access control on the application level. It can provide meaningful protection without significant changes in current technology.