Sure. Because there is a large variety of ‘missing’ events, there is no generic method.
A bunch of approaches are outlined here and elsewhere -
Its the detection techniques of interest here, not the Thing related stuff.
As a general comment, you’re not really interested in the timestamp that the device sent to you - it might not even be in the same timezone. You just want to know if any update did not arrive in the last N minutes.
Expire function is useful for that - applied to an Item, you can have it set state to UNDEF if no updates arrive.
A rule can easily be triggered from change-to-UNDEF to wave flags or whatever you wanted to do.