API security refers to the security of an application programming interface (API), which is a set of rules and protocols that define how software components should interact. API security is important because it helps to protect sensitive data and ensure that only authorized users can access it. API security can be achieved through a number of measures, including authentication, authorization, and encryption.
Business API security is important for businesses as it functions as a business endpoint that may expose data being held by that business to the public.
As reported by The ProgrammableWeb (Santos, 2017), “Public API growth is exponential” and will grow more in the upcoming years, which makes it the current hackers’ battleground. Some of the most recent big data leaks have been caused by people messing with these API endpoints, which shows how important API security is for business.
API’s are the new cybersecurity battlefield for hackers.
Nowadays, APIs (application programming interfaces) are very commonly used. More and more businesses, from small to enterprise, have moved to web applications that embed APIs of some sort, either in cloud environments or in their data centers. Among these companies, you can find Google, Apple, and even your local grocery store.
Most business API’s have data access endpoints. These endpoints may provide access to functions that, in turn, open service connections, data transfer, and business logic. On many occasions, the data is sensitive.
“Unfortunately for API services, with a greater deal of exposure comes a marked increase in vulnerability.” (Kristopher Sandoval, 2017 – nordicapis)
These endpoints, and more correctly, the manipulation of endpoints, are nowadays a hacker’s battlefield.
For example, a common e-commerce solution with an API can be attacked with a business logic attack, which lets the attacker buy things or services without paying.
With the above said, it’s easy to understand that APIs are the new cybersecurity battlefield for hackers and that API security is important to businesses.
“The vast majority of API attacks are actually undetected and therefore not visible to most organizations.” But when a poorly secured API leads to a damaging data breach, the consequences of ignoring this attack vector become immediately apparent. According to a pingidentity.com article by Bernard Harguindeguy,
According to OWASP, “APIs are a critical part of modern mobile, SaaS, and web applications and can be found in customer-facing, partner-facing, and internal applications.” By nature, APIs expose application logic and sensitive data such as Personally Identifiable Information (PII) and, because of this, have increasingly become a target for attackers. “Without secure APIs, rapid innovation would be impossible.”
The reasons API security is important for business are:
When an API attack works, it usually costs a lot of money. During the coronavirus pandemic, cybercrime is thought to have cost the world $1 trillion.
Data breaches can change the course of your company’s life and have far-reaching consequences. Common data breach exposures include personal information, such as credit card numbers, Social Security numbers, driver’s license numbers, and healthcare histories, as well as corporate information, customer lists, and source code.
Additionally, exposure of sensitive personal information has a repercussion on a business’s reputation and destroys the trust your customers have with you. This can lead to:
- Loss of customers
- Attend a sale.
- Reduction in revenues
The consequence of trust damage can even impact your business environment or relationships with your partners.
During a data breach, business activities are often disrupted. Operations may need to be entirely halted until investigators have obtained all of the information they want. Depending on the severity of the incident, the inquiry might take days or even weeks. This may have an effect on revenue and the capacity of a company to recover.
Gartner estimates that the average cost of network outage is roughly $5,600 per minute. This works up to roughly $300,000 every hour (depending on the size of the company). Then it may be catastrophic and have a severe influence on corporate productivity.
Data protection regulations require you to maintain the security of any personal data you have. If you fail to do so, you may face penalties and punishments, depending on the severity of the breach and the number of people impacted.
API’s (application programming interfaces) are the new cybersecurity battlefield for hackers. API security is important for businesses as a business endpoint exposes data being held by that business to the public. During a data breach, business activities are often disrupted. The average cost of network outage is roughly $5,600 per minute. This works up to roughly $300,000 every hour (depending on the size of the company). If you fail to maintain the security of any personal data you have, you may face penalties and punishments.