API traffic has been growing at twice the rate of web traffic, making APIs susceptible to potential security breaches. In order to protect customer data, Cloudflare suggests implementing new security solutions designed specifically for APIs. These security solutions can keep up with the rapid growth and ensure that APIs remain secure.
The “Quantifying the Cost of API Insecurity” report also highlights the cost of data breaches, with 40% of companies surveyed stating that it cost them over $500,000 to recover from an API breach. In addition to monetary costs, there are also reputational costs associated with data breaches.
Cloudflare suggests a layered approach to API security, starting with authentication and authorization. APIs should only be accessible to authorized users, and access should be restricted to only the necessary data.
Another important aspect of API security is monitoring, which allows for the detection of unusual traffic patterns and potential attacks. This can include monitoring user behavior, the type and frequency of API calls, and the types of devices and IP addresses used to access the API.
To summarize, APIs are growing at a rapidly increasing rate and require specific security measures in order to protect customer data. The cost of API breaches is high, both monetarily and reputationally. Cloudflare suggests implementing a layered approach to API security, including authentication, authorization, and monitoring.Original Article: https://thehackernews.com/2023/06/webinar-mastering-api-security.html