The State of Digital Forensic Readiness of Financial Services Companies in South Africa

Purpose: This paper evaluates the state of digital forensic readiness (DFR) of companies operating in the South African financial services. South African companies are perceived to be reactive on the subject of digital forensic readiness (DFR), whereas literature promotes an anticipatory approach to digital forensic readiness that can realise the multiple benefits associated with a pre-emptive DFR approach. Approach: A quantitative methodology was employed to harvest information on DFR. The paper examined the various commonalities between the Ten Step Process and the Structured Approach and compiled an electronic survey that was distributed to Forensic and IT personnel at participating companies. Findings: The results indicate that most SA organisations have implemented DFR. The readiness is more acute for companies with more than 1000 employees. This is due to the increased levels of exposure to fraud risks. Training is the lowest rated aspect of the DFR framework in this research. Research limitations: The sample size is not sufficient to construct definitive generalisations, but the results do indicate a trend among South African financial services companies. Originality/value: Researchers, Forensic & IT management and students will benefit from this small study and survey results about the state of preparedness of South African financial services companies.