2. July 2022

Last week, threat intelligence firm Imperva published a report titled ‘Quantifying the Cost of API Insecurity’, which examined nearly 117,000 security incidents and unearthed that API insecurity was responsible for annual losses of between $41- 75 billion globally. 

The study conducted by the Marsh McLennan Cyber Risk Analytics Center discovered that larger enterprises had a higher threat of having API-related breaches, with organizations making more than $100 billion in revenue being three to four times more likely to face API insecurity than small or midsize enterprises. 

The security analysts identified that Asia has a high incident rate with between 16% and 20% of cyber-security incidents related to API insecurity. This is likely due to the rapid digital transformation happening across Asia, especially in regard to mobile, as the majority of digital transactions in Asia are done through mobile. 

 How are businesses getting API security so wrong?