Not totally true, specialists can sometimes recover data thats been overwritten, but it's going to cost (no diy fix) and it may only recover parts of the data, and if it's been used more that twice it's pretty much had it as I understand it
The military declassification program I used to use wrote alternating 1s and 0s to the media at least 10 times. The media was then usually incinerated just to be on the safe side.
Chris - I get the idea from having been in defence electronics.
I would also back up this information. With a caveat.
With movable platter storage, there is the chance of recovering /some/ of the data.
To industries where data is important, even the chance of recovering some of the data is a large risk, requiring destruction of the platters. So you may not get 100%, but even 10% could be enough to risk securities.
On a personal note. I was using a 2.5" 500GB disk for whilst I was on holiday. I wrote over 300GB of images and copies to the disk last year, then formatted it (after copying the data to another device).
This year, I wrote another 400GB of data to the disk.
Then the disk corrupted and was showing as unusable. I ran some software called photorec (so not even a physical investigation of the disk), and recovered over 30k images. 20k of these were actually of last year's data. Around 95% of all of the images that had ever been stored on the device were recovered successfully (I checked by doing checksums for my own interest against the original copies for the two years).
I would advise that if you have items you /cannot risk/ becoming public, that magnetic media is destroyed physically.
On the other hand, if you are in the position of the OP, (or indeed the position I was in), then recovery tools can be used to recover large portions of your data.
You have a CF card, so 'safety' of the card is not necessarily a problem (i.e. head crash is not likely to be a problem), but what you can do is perform a block level copy of the data and perform the analysis on that.
(on moving platter disks, if you have the physical platters, there is scope that calibration of the heads changes over time, and more of ancient data can be recovered).