With the outbreak of COVID-19 there have been a few swift changes in the behaviour of several industries, marketplaces, and organizations that impacted the way consumers, students, teachers, professionals behave. From numerous closures of traditional brick-and-mortar stores announced by long-standing retailers such as Debenhams, through to adapting schools to exist and operate remotely, up to making the virtual environment the new “normal” reality that despite the restrictions of social distancing, 2m rules and 6-persons bubbles allow to continue our lives in a way that at least partly reminds us of how it used to be.
The pandemic times have opened new channels to communicate and function in a way collaboration and interexchange of information are possible. With new media and channels that allow connecting remote locations with an almost immediate effect, the applause of success deserves to be given to wireless communication technology systems that transmit information over the air by using multiple types of waves including electromagnetic waves like IR (infrared), RF (radio frequency), satellite, to mention a few.
With the rise of the multiplicity of digital channels that allow the exchange of data there has been a significant spike in the advancements in the traditional crime infrastructure and the rise of cyber-attacks and cybercrime that include insurance fraud, investment fraud, robbery, identity theft.
As per findings shared by the Federal Trade Commission, in 2019, 271,823 identity theft complaints filed were associated with a credit card fraud in the United States, publishes Mordor Intelligence.
Trustwave’s last year report on global security, published in 2020, identified that APAC, EMEA are the main regions where corporate internal networks were targeted by cyber-attacks, with 75% (APAC) and 50% (EMEA) respectively were exposed to the threat of fraud caused in a digital environment. Further analysis revealed that not far away behind North America (38%) and Latin America (35%) were the victims of cybercrime in a corporate environment. These and other recent findings such as the rise of implementation of SaaS backups that are tasked to early detect potential malicious attacks while identifying the cause, call for emergent attention to the market of digital forensics.
The COVID-19 not only allowed people to find new ways to collaborate and exchange information but also has increased the level of cybercrime activities exposing vulnerable groups to potential attacks.
This is the direct contributor to the omnipresence of the digital forensics market that analysing a variety of mobile phones and other mobile devices allows curate and preserve valuable data that might serve the purpose of significant evidence in potential crime cases.
Not only COVID-19 but a general rise in the use of mobile and other electronic devices are significant contributors to the demand for digital forensics that shall be understood as the process of identification, preservation, analysis and presentation of digital evidence. The more specific and rigorous evidence obtained and curated from digital devices that a better level of success in maintaining the originality of the evidence.
According to MarketsandMarkets forecasts the global market size of digital forensics is expected to grow from USD 4.15 billion in 2017 to USD 9.68 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period. The core demand for digital forensics is expected to be driven by stringent government regulations and the spike of identified cyber-attacks on organizations. Additionally, it is worth mentioning that the use of Internet of Things (IoT) devices shall be perceived as the contributor to the general increase of the demand for digital forensics tools such as software or applications.
Digital forensics is mainly used in criminal investigations as well as private investigations. The essential focus is placed on securing evidence with the view to sharing it with the court for making some final decision in various cases. It is useful for storing evidence for any cases or investigation.
In organizational environments, digital forensics is mainly utilized to recover data when the organization's computer networks have been compromised. The restrained market growth in the arena of digital forensics is related to the lack of skilled professionals as the core cause.
Modern police forces, organizations and businesses to elevate their chances to stay and sustain in a safe environment without the threat caused by digital crimes shall take digital forensics seriously and seek knowledge within the sector. With the ever-increasing use of digital devices and inevitable urgency for contact information and speed of its delivery, the need for digital forensics understanding is the pre-requisite to the future-proof organization. According to Mordor Intelligence, the forecast for the highest growth rates in the demand for digital forensics is Australasia, Latin America, Africa, followed by Europe and North America.
Asia-Pacific is estimated to witness the fastest growth in the market during the forecast period. The increase in cloud computing and internet penetration has resulted in the growth of cyber crimes and digital crimes in the region. This is expected to create an opportunity for significant market growth.
With the speed of the internet constantly upgrading from 3G to 4G, 5 and 6G, there are some already established major vendors in the global digital forensics market including AccessData (US), Cellebrite (Israel), MSAB (Sweden), OpenText (Canada), Oxygen Forensics (US), ADF Solutions (US), Coalfire (US), Digital Detective (US), LogRhythm (US), Magnet Forensics (Canada), Paraben (US), and Nuix (Australia), to name a few.
Digital forensics opens an exciting but how dangerous in possible effects, world for investigations.
To learn more, sign up for a digital forensics awareness course that will equip you with the essentials to be more conscious of the potential sources of threat, data collection, preservation and analysis methodology. Whether you are work in banking, financial services and insurance (BFSI), government and law enforcement agencies, healthcare and life science, defense and aerospace, IT and telecommunication, or others, this digital forensic awareness course will expand your understanding of digital forensics and what to be mindful of when it comes to security in a digital environment.