I believe that they advertise it as nano coated splash resistant. So, if you're caught in a rainstorm or carry it in your pocket while you exercise and sweat, the phone should be fine. A soaking, though. Not so much.
If you set up android device manager or Motorola's remote management facility, if the phone boots without the screen working you'd be able to do a remote data wipe. Or you can try a remote data wipe so that the next time it powers on it will be wiped.
Water resistance is never a guarantee that the phone is 100% waterproof (regardless of what they show you in ads). All it takes is one small breach in the protective coating or seals (e.g., a small screen crack from minor trauma), and water could potentially get into the innards of the phone.