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Revelations Unveiled: Extent of API-Related Data Breaches, Key Global Security Challenges

Traceable AI, a prominent player in API security, has unveiled its comprehensive research report titled "2023 State of API Security: A Global Study on the Reality of API Risk." Recognizing the pivotal role APIs play in the modern enterprise, this report fills a void by presenting a panoramic view of the API security landscape. In collaboration with the Ponemon Institute, Traceable conducted an extensive study engaging 1,629 cybersecurity experts from the United States, the United Kingdom, and the European Union. The study delves into the grim reality of API-related data breaches and their ramifications for organizations.

The report meticulously examines various aspects of API security, including API-related data breaches, the proliferation of APIs, the efficacy of traditional solutions like Web Application Firewalls, API governance, and the emerging significance of Zero Trust Security in bolstering API security. These global insights shed light on the security practices and challenges faced by organizations globally, offering a comprehensive assessment of their strategies to address API security risks.

The survey findings underline the urgency of addressing API security:

Within the past two years, 60% of organizations encountered at least one API-related breach, and an alarming 74% of these suffered from three or more incidents, exposing the relentless threat landscape.

DDoS attacks emerged as the primary API breach vector, accounting for 38% of incidents. Alongside fraud and known attacks, DDoS highlights the pivotal role APIs play in expanding organizations' attack surface, a concern shared by 58% of respondents.

Merely 38% of respondents demonstrated a nuanced understanding of the intricate relationship between API activity, user behavior, and data flow. Moreover, 57% expressed doubts about the effectiveness of traditional security solutions, such as Web Application Firewalls, in differentiating between genuine and fraudulent API activity.

A substantial 61% foresee an escalation of API-related risks over the next two years. Organizations also grapple with challenges like API sprawl (48%) and maintaining an accurate inventory of APIs (39%).

Despite managing an average of 127 third-party API connections, only 33% of respondents express confidence in handling external threats. This is further exacerbated by uncertainties surrounding the volume of data transmitted via APIs, underscoring the need for advanced breach detection solutions.

Richard Bird, Chief Security Officer of Traceable, emphasized the significance of this report, stating, "It’s alarming to see that the majority of businesses are navigating these treacherous waters with a significant blind spot, unprepared and underestimating the very real threats associated with APIs." Bird advocates for elevating API security from the server room to the boardroom, underscoring its vital role in confronting the evolving threat landscape.

The report serves as a wakeup call, urging businesses to prioritize API security as a cornerstone of their cyber defense strategy to navigate the evolving digital ecosystem effectively. ###


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