Introduction
In recent years, the frequency and severity of API security incidents have escalated, posing significant challenges to organizations across various sectors. This trend is particularly evident in the UK, where a substantial increase in such incidents has been reported. The financial and operational impacts of these breaches are profound, necessitating urgent attention to API security measures.
Description
In 2024, 84% of security leaders and practitioners in the UK reported experiencing at least one API security incident in the past year [6] [7], an increase from 78% in 2023 [2] [3] [4] [5] [6] [7] [8], marking the highest level of incidents recorded and the third consecutive year of rising API incursions. This rise is part of a broader trend, as the API Security Impact study revealed that 84% of respondents across the US [2], UK [1] [2] [3] [4] [6] [7], and Germany faced similar incidents [2], with the UK showing the highest year-on-year increase of 14% [2]. The financial repercussions of these incidents were considerable, with the average cost of remediation for UK organizations reaching £420,103 ($591,404), while financial services experienced even higher costs averaging $832,801 [6] [7]. Critical sectors were particularly affected [4], with 94.1% of public sector organizations, 92% of financial services [1] [2] [4], and 90% of healthcare organizations reporting such incidents [1] [2] [4]. In contrast [1] [6] [7], the retail and e-commerce sector reported a lower incidence rate of 68% [1] [7], although it prioritized API security more than other sectors [1] [7]. Notably, the energy and utilities sector reported the highest number of API security incidents at 91% [6] [7], yet ranked API security as their lowest priority [6] [7].
The report also highlighted a concerning trend regarding the testing and visibility of APIs [1]. The percentage of organizations actively testing APIs in real time decreased from 18% in 2023 to 13% in 2024, raising alarms about the overall security posture. Furthermore, only 27% of enterprises with complete API inventories were aware of which APIs handled sensitive data [1] [4], down from 40% in 2023 [1] [2] [4]. Nearly a third of UK respondents indicated that API security incidents had led to increased stress among security teams [1], with 31.2% reporting heightened anxiety due to these incidents, which was ranked higher than the financial costs associated with the breaches.
From January 2023 to June 2024 [4], there were a staggering 108 billion API attacks, with each breach resulting in at least ten times more leaked data than the average security breach [3] [4]. Overall, web application and API attacks surged by 49% between 2023 and 2024 [4], underscoring the growing challenges faced by security teams. The increasing prevalence of APIs necessitates enhanced security measures [4], particularly concerning vulnerabilities associated with Generative AI and cloud security [4], as traditional protection tools like web application firewalls and API gateways have proven inadequate in addressing these risks. Many of the issues leading to API incidents identified by survey participants could potentially be mitigated through real-time testing [8], which is noted as a crucial strategy for addressing the root causes of these incidents. Recommendations for enhancing API security strategies include conducting a full inventory of APIs [6] [7], regular testing for correct coding [7], and implementing runtime detection to identify abnormal API activity [6] [7].
Conclusion
The escalating trend of API security incidents underscores the urgent need for organizations to bolster their security frameworks. The financial and operational impacts are significant, with critical sectors being particularly vulnerable. To mitigate these risks, organizations must prioritize real-time testing, maintain comprehensive API inventories, and implement advanced detection mechanisms. As the landscape evolves, especially with the rise of Generative AI and cloud technologies, adapting security strategies will be crucial to safeguarding sensitive data and maintaining operational integrity.
References
[1] https://www.infosecurity-magazine.com/news/api-security-83-firms-suffer/
[2] https://www.digit.fyi/uk-experiencing-more-api-security-incidents-than-ever-before/
[3] https://www.securityinfowatch.com/cybersecurity/press-release/55243166/akamai-technologies-inc-nasdaq-akam-the-worlds-largest-and-most-trusted-cloud-delivery-platform-akamai-84-of-security-professionals-experienced-an-api-security-incident-in-the-past-year
[4] https://www.itpro.com/security/api-attacks-are-spiraling-out-of-control
[5] https://vmblog.com/archive/2024/11/14/new-study-finds-84-of-security-professionals-experienced-an-api-security-incident-in-the-past-year.aspx
[6] https://www.prnewswire.com/news-releases/new-study-finds-84-of-security-professionals-experienced-an-api-security-incident-in-the-past-year-302303810.html
[7] https://finance.yahoo.com/news/study-finds-84-security-professionals-112800545.html
[8] https://ai-techpark.com/84-security-professionals-report-api-incidents-in-past-year-new-study/
