Akamai Research Finds 65% Increase in Web Application and API Attacks on Financial Services>
Venture Beat – Becky
A new report from Akamai Technologies reveals a significant increase in web application and API attacks on financial service institutions, with a 257% growth year-over-year.
The report also highlights a 22% increase in DDoS attacks on these institutions, along with the use of phishing techniques to bypass two-factor authentication.
While the findings focus on financial services, they have broader implications for all enterprises, underscoring that web apps and APIs are prime targets for cybercriminals.
Additionally, a study by Noname Security found that 41% of organizations experienced an API security incident in the last year, with 63% resulting in data breaches or losses.
The vast attack surface of web apps and APIs, combined with potential security vulnerabilities and the ease of automating attacks, make APIs an attractive focus for attackers.
To enhance resilience against API-driven threats, organizations are advised to invest in technologies for API discovery, validation, and access control, as well as incorporating API security testing into their security strategies.
Transparency in tracking and mitigating vulnerabilities across the attack surface is essential.
Additionally, updating phishing defenses, reviewing risk models, and implementing industry best practices such as Zero Trust Architecture can contribute to greater cyber resilience.
Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online, today released a new State of the Internet report that explores existing and emerging cyberattacks against the financial services industry.The High Stakes of Innovation: Attack Trends in Financial Services report shows that financial services has surpassed gaming as the top vertical for DDoS attacks.
Link: https://venturebeat.com/security/web-application-and-api-attacks/