Why your company must invest in API Security nòw
Before it’s (again) too late
APIs (Application Programming Interfaces) are the backbone of today’s digital businesses. They connect applications, systems, and customers in ways that were once unimaginable.
However, as with any powerful technology, there are risks involved. Our partner Akamai recently published a study with alarming findings on the status of API security, and the results are eye-opening.
Average cost of €500,000
According to Akamai’s 2024 API Security Impact Study, 84% of companies have experienced an API security incident in the past 12 months. Such an incident can easily cost your business €500,000! This is not only a massive financial burden but also leads to reputational damage, loss of customer trust, and impact on business operations.
What’s striking is the difference in how industries approach API security. The energy and utilities sector reports the highest number of incidents (91%) but appears to be the least proactive in addressing them. On the other hand, the retail and e-commerce sector ranks API security much higher on its agenda, even though “only” 68% of businesses in this sector faced issues.
“The growth of APIs won’t slow down. We deeply believe that being proactive on API security not only protects your business but also strengthens your team’s reputation as a reliable and forward-thinking partner.”
-Annie Brunholzl, Lead Writer
Why does the energy sector put API security low on its priority list?
It seems counterintuitive: the sector that is most affected is doing the least to protect itself. Why is that? There are two major reasons.
1. Regulation and external pressure
In retail and e-commerce, competition is fierce, and customers easily switch to competitors if they sense their data isn’t safe. The direct impact on customer trust and revenue makes security a strategic priority. Moreover, these businesses often face stringent privacy regulations like GDPR, pushing them to be proactive.
In contrast, the energy sector often operates in regulated monopolies. Their customers have limited alternatives, and the direct impact of an incident on their market position is smaller. As a result, security tends to fall lower on their priority list.
2. Mindset: “This won’t happen to us”
Many companies in the energy sector still operate with the mindset that they’re not an attractive target. But this belief is becoming increasingly dangerous. Cybercriminals know critical infrastructure, such as energy companies, can be a weak link in national and regional networks.
Why are retail and e-commerce doing better?
Retail and e-commerce platforms also face risks, but they understand the importance of thinking ahead. APIs are central to their operations. A data breach or an attack can immediately lead to revenue loss and diminished customer trust.
In the retail sector, companies often view API security as a strategic investment. They see it as an opportunity to strengthen customer trust and stay ahead of risks.
READ ALSO: Breaking the Ransomware Kill Chain
What actions should you take?
Akamai’s findings are a clear wake-up call. No matter the industry, it is crucial for companies to take API security seriously. A single vulnerability can have catastrophic consequences.
Here are three steps you should take today:
1. Make API security a priority
Security must become a top priority, regardless of your sector. This requires not only technical solutions but also a culture where security is seen as a critical part of business strategy.
2. Invest in monitoring and protection
Modern APIs require continuous monitoring and protection. Solutions such as Web Application and API Protection (WAAP) can help detect and block threats in real-time. Visit our Akamai partner page to explore the security solutions we offer.
3. Raise awareness
Ensure that IT teams and stakeholders understand the risks. Knowing what’s at stake is the first step toward meaningful change.
So: Time to wake up
It’s clear that API security is becoming increasingly crucial. The cost of negligence is high: financially, operationally, and reputationally. Taking action now not only prevents disasters but also gives you a competitive edge.
At Evolane, we help organizations elevate their API security to the next level. It’s time to wake up and be prepared before it’s (again) too late.
Want to learn more about how we can help? Don’t hesitate to contact us!
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