October 7, 2024 at 07:45AM
Organizations face significant financial losses of up to $186 billion annually due to vulnerable APIs and bot abuse, posing escalating risks to global businesses. API adoption has dramatically expanded the attack surface, leading to a 40% increase in API-related security incidents. Meanwhile, bot attacks have surged by 88%, driven by factors like digital transactions and geopolitical tensions. Large enterprises, especially those with annual revenues exceeding $1 billion, are 2-3 times more likely to face automated API abuse by bots. To mitigate these risks, Imperva recommends fostering cross-functional collaboration, comprehensive API discovery and monitoring, and integrating API security and bot management.
From the provided meeting notes, the key takeaways are:
1. Organizations are losing between $94 – $186 billion annually due to vulnerable or insecure APIs and automated abuse by bots, accounting for up to 11.8% of global cyber events and losses.
2. The widespread adoption of APIs has significantly increased the attack surface, with API-related security incidents increasing by 40% in 2022 and an additional 9% in 2023.
3. Bot attacks have become a widespread and costly threat, resulting in up to $116 billion in losses annually, with security incidents related to bots surging by 88% in 2022, followed by an additional 28% increase in 2023.
4. Large enterprises, especially those with annual revenues exceeding $1 billion, face a disproportionately higher risk of API and bot attacks, with organizations exceeding $100 billion in annual revenues accounting for as much as 26% of all security incidents.
5. Imperva recommends proactive steps for organizations to mitigate these risks, including fostering cross-functional collaboration, comprehensive API discovery and monitoring, and integrating API security and bot management.
These findings highlight the critical need for organizations to address the security risks associated with APIs and bots to protect sensitive data, mitigate financial losses, and safeguard their brand reputation.