Global Digital forensics Market is a process that identifies, collects, and analyses digital evidences that are stored in a digital device. The growth of cybercrimes and attacks lead to increase in the requirement of digital forensics. The digital forensics are utilized in different sectors such as IT & telecommunication, retail and logistics, military and defence, and media and entertainment. These are utilized to store data with security in different sectors of applications to preserve the important information related to that of the sector or a company.
There are several cybercrimes that are performed by utilizing computer and internet such as marketing information, blackmailing, virus distribution, money laundering and hacking of mail, bank account. For example, on 14th of January 2018, 2 bank accounts of State Bank of India were hacked and an amount of 2.2 million was transferred to buy digital currency bitcoin. The cyber criminals are targeting businesses. Scams such as BEC (Business Email Compromise) /EAC (Email Account Compromise), which are considered as another form of fraud, includes lottery, employment, and rental scams. These scams target businesses that regularly perform wire payments. During 2016, IC3 received almost 12,005 BEC/EAC complaints that made a loss over $360 million.
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Cyber-attacks involve unpredictable economic and productivity losses, however they are not limited to these types of losses. These have several affects such as loss of intellectual property and important data Basically, cyber-attacks can affect the patent, copyright, trademarks, industrial design, and geographical indication. They also affect the intellectual property of a person, company, organization or a nation. For example, in 2017, several hundred computers of various departments of Gujarat government were affected by ransom ware cyber-attack. This resulted in the crash of IT services in the department of the regional transport office and other government offices. Therefore, for precaution, the government had to issue an alert to switch of the computer and the IT network till anti-virus systems were installed. These cyber attacks lead to negative effect on the economy of a company or a country.
The cybercrimes and attack are very frequent now a days. The FBI’s internet crime report of 2016, stated that the IC3 receives more than 280,000, complains every year. During 2015, it was stated that IC3 received 288,012 internet scam complains that lead to $1.07 billion losses. Whereas, during 2016, it was reported to receive 298,728 complains that lead to loss of $1.450 billion.
Global Digital forensics Market plays an important role for resolving these criminal activities such as hacking of bank account, mail hacking, and others issues related to cyber crimes such as providing data security for data recovery, to protect the important information related to patents, files, bank accounts and others. Due to cyber-attacks and crimes, there is more threat from terrorism. Therefore, Digital Forensics is required to overcome all types of cybercrimes and attacks by providing a user free use of technology without threat.
Several companies in the digital forensics are contributing significantly to the growth of the market by providing different advance security products, software and tools for preventing data breaches. Companies such as Guidance software, FireEye, Cisco and IBM Corp are also fuelling the growth of the market. Cisco systems Inc. had partnered with IBM during 2017. According to the agreement, Cisco security solutions will integrate with IBM’s QRadar to protect organizations across networks, endpoints, and cloud. The collaboration also initiates a new conjunction between the IBM X-Force and Cisco Talos security research teams and will begin collaborating on threat intelligence research and major cyber security incidents.
Thus, the increasing incidence of cybercrime and attacks is rising the number of partnerships and collaborations between different companies and government organisations. This will lead to the development of advanced software to protect the data and maintain the security of an organisation. Therefore, digital forensics are estimated to play a crucial role for preventing cyber threats during the forecast period.