Fraud detection and cybersecurity have traditionally been separate disciplines. However, increasingly sophisticated attacks, especially those targeting APIs with malicious bots, demand a more integrated defense.
Updated FFIEC compliance guidelines specifically delineate APIs as a distinct attack surface, shedding light on the amplified risks they introduce. Financial institutions might be on a tighter compliance timeline than anticipated to prioritize fortifying their API security.
As API usage continues to rise, the resulting API sprawl makes it nearly impossible to stay up to date on new and changed APIs, as well as where APIs could be exposing sensitive data. API threats are a critical point of vulnerability and API security is essential to the strategic survival of a business.
With the increasing adoption of cloud computing, the usage of APIs has grown exponentially, making API security a top priority for organizations that want to protect their cloud-based applications.
API security flaws on millions of vehicles from 16 car manufacturers expose them to unauthorized remote control, account takeovers, and personal information disclosure. Multiple car manufacturers using nearly identical car systems with almost similar functionality.
An API-first strategy can be a competitive game changer for many businesses, but ensuring businesses stay within data security and governance requirements is critical. Companies need to adopt effective API security and data governance programs.
Shadow API is the greatest API security risk, with 31% of malicious requests targeting unknown, unmanaged, or unprotected APIs, according to the Cequence API protection report.
APIs are being deployed so fast and at such scale that companies risk both not knowing what they have (Shadow APIs), and losing control of API security, including exposing vital data and processes.
Companies are rapidly adopting APIs to improve platform integration, connectivity, and efficiency and to enable digital innovation projects. Over the last few years, API attacks have increased massively, and API security concerns continue to impede innovations.
The lack of API security is responsible for every 1 in 13 cybersecurity incidents, with annual global losses of up to $75 billion and 57% affecting American businesses.
