Market Trends of Asia Pacific Digital Forensics Industry
Growing Cybercrimes and Security Concerns Across Industries to Drive the Market
- The instances of cyber crimes have increased drastically over time. According to cyber security firm CloudSEK, Asia Pacific was one of the top targets of cyber crimes, and the number of attacks increased by 26.4% in 2022. Ransome attacks increased during 2022 with the emergence of new ransomware operators.
- A report released by IBM depicted 48% of the cases of attacks were from the manufacturing sector, while the finance and insurance sector share was 18%. Attackers used spear phishing by attaching to the target; nearly 40% of such cases were observed. Due to its low tolerance for downtime, the manufacturing sector was an easy target for attackers.
- IT companies are enhancing their tool and infrastructure to manage these cyber security issues. In May 2022, Cisco launched a cybersecurity assessment tool for small and medium-sized businesses (SMBs) in the Asia Pacific to identify and analyze their overall security posture. User and Identity, Device, Networks, Workload (applications), Data, and Security Operations will be accessed using this new tool. This will help SMBs looking to transform their business from traditional infrastructure to digital platforms.
- Public security entities in China use US technology like DNA analysis, thermal imaging, digital forensics, and cyber security to monitor groups and censor material in the country. This technology could help build population databases and carry out mass surveillance.
- Financial crime has always been a concern in Malaysia, which has resulted in high demand for legal forensics. CyberSecurity Malaysia received over 7,000 reports involving cyber security incidents in Malaysia. To control cyber attacks government intends to set up the Malaysian Cyber Security Commission to strengthen cyber security in the country.
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Mobile Forensic Segment to Witness High Market Growth
- Accelerating mobile subscriptions creates a demand for e-commerce, banking, retail, and other services in every sector. As vast data is generated through mobile phone transactions, it threatens cyber security. In January 2023, hackers stole over 3,000 login credentials from Fortune 500 organizations and significant IT firms after infiltrating two sizable data centers in Asia. Shanghai-based GDS Holdings and Singapore-based ST Telemedia Global Data Centers (STT GDC) operated the breached data centers. Thus customers were forced to change their login credentials.
- In another phishing attack, a group of Shangri-La hotels was hit by a data breach. Including Singapore and Hong Kong, six other branches in the Asia region were affected by this attack. The hackers stole the guests' names, e-mail addresses, and phone numbers. A Cyber forensic team was hired, which investigated and revealed that the e-mail was used to attack the hotel's IT security monitoring systems.
- Australia was yet another country that became the prey of these cyber attacks. In Oct 2022, Medibank, the health service provider, suffered a data breach where records of 9.7 million citizens were affected. After this incident, the health company instructed its members not to download sensitive personal data from the dark web unnecessarily and to refrain from contacting customers directly.
- Nearly every smartphone app collects data from a customer's device. If those servers are hacked, or a technical error leaves them vulnerable, all that data can be stolen and used by criminals for fraud. Therefore users need to set security controls to limit the data collected by each app or before downloading any new app that requests a lot of permissions.
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