There’s no doubt that API security is a hot topic these days. The continued growth in API-related breaches and increase in publicized API vulnerabilities has pushed API security to the top of CISO’s lists. The tools in the market for API security still have room for improvement, of course. One of the challenges security practitioners face with APIs is understanding the context in which an attack took place.

API attacks can be costly. Really costly. Obvious financial impacts like legal fines, stolen finances, and incident response budgets can run into the hundreds of millions. However, other hidden costs often compound the issue, especially if you’re not expecting them. This article will explore the obvious and hidden costs of API breaches, their long-term business impacts, and how you can communicate the importance of API security to business stakeholders and decision-makers.

AI and APIs have a symbiotic relationship. APIs power AI by providing the necessary data and functionality, while AI enhances API security through advanced threat detection and automated responses. In 2023, 83% of Internet traffic traveled through APIs, but there was a 21% increase in API-related vulnerabilities in Q3 2024, severely impacting AI. The relationship between AI and APIs expands capabilities while simultaneously increasing potential vulnerabilities.

The transportation sector is undergoing a digital revolution, from railways to aviation and trucking. APIs are at the heart of this transformation, particularly for airlines. Airlines utilize APIs to integrate internal systems with vital services such as booking platforms, check-in services, real-time flight updates, communication with customs agencies, and baggage handling.

In a concerning trend, cybercriminals are leveraging DocuSign's APIs to send fake invoices that appear strikingly authentic. Unlike traditional phishing scams that rely on deceptively crafted emails and malicious links, these incidents use genuine DocuSign accounts and templates to impersonate reputable companies, catching users and security tools off guard.

The retail industry’s digital transformation has made secure APIs essential to modern operations since they are at the core of this shift. APIs power everything from e-commerce platforms and mobile shopping apps to inventory management, point-of-sale systems, and personalized customer experiences. They help retailers stay agile in a fast-paced market by enabling seamless data exchange and streamlining processes.

As organizations adopt more modern application strategies, APIs are increasingly important for enabling seamless communication and data exchange. However, this interconnectedness also introduces more significant security risks. APIs are gateways to sensitive information, making them prime targets for attackers. This can result in data breaches, business disruptions, and reputational damage.

Recently, a critical API vulnerability in FortiManager (CVE-2024-47575) was disclosed. Certain threat actors exploited it in the wild to steal sensitive information containing configurations, IP addresses, and credentials used by managed devices. In advanced notification emails, Fortinet warned its users of the vulnerability and mitigation steps. The vulnerability has a critical severity rating of 9.8 out of 10.

In the wake of Cisco’s recent data breach involving exposed API tokens - amongst other sensitive information - the cybersecurity community is reminded once again of the significant risks associated with unsecured APIs. Though Cisco has asserted that the damage was limited to a public-facing environment, such breaches demand a more cautious evaluation. Exposing sensitive information like API tokens, credentials, and even source code can have broader security implications than initially apparent.

In 2024, healthcare organizations face heightened security challenges, mainly as they increasingly rely on Application Programming Interfaces (APIs) to support critical functions. APIs have become indispensable in driving digital transformation and improving operational efficiencies across healthcare systems. However, the rising complexity and volume of APIs, alongside insufficient security practices, have created a vulnerable environment ripe for exploitation.