Cybersecurity Frontlines Now Require Organizations to Address APIs as a Matter of Urgency – Source:levelblue.com

Cybersecurity Frontlines Now Require Organizations to Address APIs as a Matter of Urgency

APIs operate throughout the digital world to support mobile applications, enable cloud capabilities, power GenAI tools, and conduct invisible operations during every digital interaction. As the growth of API usage accelerates, Akamai’s 2024 API Security Impact Report shows that organizations find it difficult to align their security efforts with the expanding risk domain.

The third annual study by Akamai reveals that API incidents have evolved from abstract concepts into frequent occurrences that result in financial damage and human stress for security professionals around the world.

The Alarming Truth About API Security

API security incidents affected 84% of all businesses in the past year. Attacks are increasing in number and causing more significant financial damage. API incidents in the United States now have an average cost of $591,404, with C-suite executives predicting that total expenses will reach $1 million.
The financial costs represent only one part of this situation.

API incidents and other cyberattacks create significant stress for security teams and can harm an organization’s reputation, according to reports from various industries. To build trust with their boards, stakeholders, and teams, CISOs and CIOs must shift their priorities to encompass the entire API lifecycle and web application management.

Visibility Is Low, and Testing Remains Insufficient

API visibility has become a significant concern. Organizations’ API inventory remains opaque, with only 27% having a complete API inventory capable of identifying their sensitive data APIs, a decrease from 40% last year. Businesses face security risks from APIs that are difficult to locate and protect, including shadow, rogue, zombie, and deprecated APIs.

Current testing methods yield inadequate outcomes. The survey reveals that real-time testing occurs infrequently among respondents. Real-time testing serves as a crucial preventive measure against vulnerabilities; yet only 13% of respondents implement it. APIs remain exposed to security threats due to inconsistent testing procedures between development and production stages.

API Security Continues to Get Low Prioritization from Organizations

Despite its proven importance, API protection ranks ninth among organizational cybersecurity priorities for the upcoming year. Security teams are already fully burdened with detecting and defending against various attacks, from ransomware to GenAI-driven threats, leaving little time for API security. The gap between organizational priorities and actual daily operations allows API security risks to remain undetected.

APIs present various security challenges that affect cloud infrastructure, attack surface management, and data loss prevention. Organizations must address this security gap, as it poses a threat they can no longer overlook.

What’s the Path Forward?

The report provides actionable guidelines for organizations to improve their API security posture maturity.

• Discovery: Organizations should establish automated API inventories and data classification as core principles.
• Invest: Organizations should invest in testing activities that include pre-deployment assessments and ongoing production monitoring.
• Integrate: Merging API-specific security with Web Application and API Protection (WAAP) solutions gives organizations comprehensive defense capabilities.
• Respond: To maintain a robust security posture in the current threat environment, organizations must conduct real-time detection, threat response, and post-incident forensic analysis.

API security has evolved from an optional feature to an essential business requirement. Organizations that fail to recognize the importance of API security in their cybersecurity strategy will face substantial financial losses, operational disruptions, and permanent damage to their reputation. The 2024 API Security Impact Report from Akamai provides organizations with a precise plan to transform their security challenges into strategic advantages. Take immediate action against costly breaches instead of waiting for them to happen. 

Begin your active API protection journey today by downloading the full Akamai 2024 API Security Impact Report through this link.
 

The content provided herein is for general informational purposes only and should not be construed as legal, regulatory, compliance, or cybersecurity advice. Organizations should consult their own legal, compliance, or cybersecurity professionals regarding specific obligations and risk management strategies. While LevelBlue’s Managed Threat Detection and Response solutions are designed to support threat detection and response at the endpoint level, they are not a substitute for comprehensive network monitoring, vulnerability management, or a full cybersecurity program.