The growth of APIs has led to increased connectivity and interoperability between systems, resulting in improved financial outcomes for companies with an API-first approach.
According to a report, APIs contribute to generating revenue for 66% of organizations, with 43% stating that APIs account for over a quarter of their total revenue.
The rise of the API economy has encouraged organizations to open up their services, enabling collaboration and the creation of new products and services through third-party integrations.
However, as the popularity of APIs has grown, so have the security risks. A survey showed that 92% of organizations using APIs have experienced a breach in the past 12 months.
APIs hold valuable data, making them attractive targets for hackers. Exploiting vulnerabilities in APIs is relatively easy for hackers, as APIs have publicly accessible documentation.
Unfortunately, APIs often remain under-protected, as API security falls into no-man’s land. Security teams rely on developers to address security issues during product development, but this approach is not sufficient.
CISOs play a crucial role in driving initiatives between security and product teams to ensure visibility into APIs and devise strategies to mitigate potential threats.
CISOs will face several challenges in securing APIs in 2024, including protecting against authenticated attacks, gaining executive buy-in for API security, finding the right security tools for compliance, and shifting to a proactive approach to securing APIs.
To address these challenges, CISOs should implement a multi-layered security approach, prioritize inside-the-perimeter defenses, and adopt proactive strategies to detect and respond swiftly to potential breaches.
CISOs should also ensure comprehensive visibility within their API environment, quantify risks, and strategize security measures effectively to align security objectives with business goals.
– APIs have enabled seamless connectivity and interoperability between systems, leading to improved financial outcomes.
– APIs contribute to generating revenue for a significant percentage of organizations.
– The rise of the API economy has fostered collaboration and the creation of new products and services.
– API security risks have increased, with a high percentage of organizations experiencing breaches.
– CISOs play a crucial role in driving initiatives to ensure API security and mitigate potential threats.
– Challenges for CISOs include protecting against authenticated attacks, gaining executive buy-in, meeting compliance standards, and adopting a proactive approach to API security.