Yes, if a device has not reported anything within a given period and alert could be generated.
What form the alert would take would be an issue but ultimately, yes, this sort of thing can be done.
It's not easy, there's a lot that would go into knowing the device type and expected event reporting and grabbing an exception to that.
Another way is the "keep alive" method which is a much more likely implementation where you kick out a message to the device and expect a response, no response= DANGER DANGER
Down side to that is polling intervals and battery life.
But yes, there are ways to accomplish what you describe.