- APIs are essential for the flow of data, but if they are not secure, it can result in significant losses for businesses. In fact, it is estimated that API insecurity leads to an annual loss of $41 billion-$75 billion.
- To ensure API protection, a multi-layered defense is necessary, starting with centralized API management and implementing measures to secure data. A real-world example of the consequences of API insecurity is a retailer that experienced a $1 million loss in sales due to an overwhelmed API. This highlights the importance of proper API management and the need for robust security measures.
- Good API management involves enforcing policies consistently and implementing measures such as authentication, authorization access controls, encryption, reauthentication, redaction of sensitive information, IP whitelisting, error message handling, rate limiting, schema validation, WAF protection, logging and monitoring, route configuration, security headers, and regular updates.
- Axway’s Amplify platform offers a solution for managing API ecosystems efficiently and securely. It provides access control, data privacy, threat mitigation, and other capabilities to ensure APIs adhere to high-security standards.
Source Axway
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