Webinar Recap: API Security Predictions 2024

APIs power the digital interactions that businesses and individuals rely on every day. However, this reliance on APIs has a dark side – they’ve become prime targets, and each year, the API-related data breaches increase. 

This reality was the focus of Traceable’s recent webinar, “API Security Predictions 2024: The Critical Crossroads is Here.” The expert panel, which included Traceable’s CTO and Co-Founder, Sanjay Nagaraj, Richard Bird, Chief Security Officer and Tyler Shields, VP, presented a sobering picture: a relentless increase in API breaches, evolving attacker techniques, and an overwhelming need for organizations to rethink traditional security approaches. 

This webinar highlighted that API security can no longer be an afterthought; it demands immediate attention and proactive strategies to safeguard your organization’s data and reputation.

Let’s get to the recap.

Key Statistics Underscoring API Risk

Richard Bird began by giving us a rundown of the top data points from Traceable’s 2023 State of API Security Report, shedding light on the alarming extent of API-related breaches.

• Heavy Cloud Application Reliance: An overwhelming 88% of organizations rely on more than 2500 cloud applications. This massive dependency translates into a multitude of APIs, dramatically increasing potential access points for attackers.
• Frequency of Breaches: The numbers are truly alarming: 60% of organizations have experienced at least one API-related data breach within the past two years, with a shocking 74%  experiencing three or more. As Richard Bird, CSO of Traceable, pointedly observes, “You would think that if organizations had multiple breaches via the same vector, they would start to do something about it.” This repeated pattern of exploitation highlights the urgent need for a change in approach.
• Expanded Attack Surface: 58% of respondents acknowledge that APIs significantly expand the landscape attackers can exploit.  The interconnected nature of APIs means that a single vulnerability can have far-reaching consequences, exposing multiple systems and sensitive data.

Top API Security Trends for 2024

The webinar experts outlined several fundamental shifts that will shape the API security landscape in 2024:

DAST is Dead: The Rise of Behavior-Based Protection

Traditional Dynamic Application Security Testing (DAST) tools are falling short.  Instead, there’s a decisive shift towards behavior-based API protection that proactively detects threats. By establishing a baseline of normal API behavior, we can quickly flag any unusual or malicious activity.

Vulnerability Identification Beyond Surface Scans

Superficial scanning is no longer enough. To uncover hidden vulnerabilities that can be exploited by attackers, we need to analyze the underlying logic of APIs. This involves examining how APIs process data, handle authentication, and manage sensitive information.

No More Tool Reliance: The Move to Platform Solutions

The era of siloed API security tools is coming to an end. Organizations need platform solutions that consolidate monitoring, detection, and remediation across the entire API lifecycle. This unified approach provides greater visibility and a faster, more coordinated response.

Data Insights for Actionable Security

Deep data analysis is the key. Platforms that analyze API specifications, code, behavior, and traffic patterns can detect anomalies and emerging threats with greater speed and accuracy. This empowers organizations to take action swiftly.

Cyber-Fraud Collaboration: The New Cornerstone

The surge in API-targeted fraud demands a bridge between fraud and cybersecurity teams. By sharing knowledge and insights, organizations can better identify and defend against these sophisticated attacks that aim to exploit API logic for financial gain.

API Security and API Gateways – A Unified Front

API security demands a strategic partnership rather than isolated efforts. API gateways are an essential first line of defense, controlling access and enforcing basic security rules. In 2024, integrating specialized API security solutions with API gateways takes this defense to the next level.

Here’s what this unified front offers:

Centralized API Governance: With the visibility to understand all API interactions, you can set consistent policies for authentication, authorization, and rate limiting across diverse APIs. This streamlined approach simplifies compliance, reducing the chances of misconfiguration and vulnerabilities.

Robust Frontline Defense: API gateways can leverage intelligence from API security solutions to identify and block malicious traffic patterns, even subtle ones. This collaboration enables more informed decisions about rate-limiting, authentication enforcement, and responding to active threats.

2024 Action Plan

Visibility is Key: Knowing your API landscape is the first step towards effective defense.

Organizations must answer questions like:

1. How many APIs do you have, both internal and external?
2. Where do they reside (cloud, on-premise, etc.)?
3. What sensitive data do they handle?

Context is a Must: To detect attacks and anomalies, organizations need a deep, multifaceted understanding of:

1. API Execution: Detailed visibility into API calls at the edge and internally, including parameters, headers, and response bodies.
2. API Activity: Tracking call sequences, user actions, and data flow patterns to establish normal baselines of behavior.
3. User Activity: Gain insights into user behavior – past actions, accessed data, device and location information.
4. Data Flow: A clear understanding of where data originates, how it moves, is transformed, and where it leaves your control.

Watch the On-Demand Webinar

In 2024, organizations can no longer afford to be reactive in their approach to API security. The evolving threat landscape demands proactive vigilance, comprehensive monitoring, and advanced detection capabilities.

To gain a deeper understanding of the essential strategies outlined in this recap, we strongly encourage you to watch the on-demand version of the Traceable webinar, “API Security Predictions 2024: The Critical Crossroads is Here.”

About Traceable

Traceable is the industry’s leading API Security company helping organizations achieve API visibility and attack protection in a cloud-first, API-driven world. Traceable is the only intelligent and context-aware solution that powers complete API security – API discovery and posture management, API security testing, attack detection and threat hunting, and attack protection anywhere your APIs live. Traceable enables organizations to minimize risk and maximize the value that APIs bring their customers. To learn more about how API security can help your business, book a demo with a security expert.