API Security Trends: Financial Services Sector

Noname Security collaborated with Opinion Matters to conduct research on API Security Trends in 2023. In this survey, 631 senior cybersecurity professionals were surveyed to better understand the challenges and trends facing UK and USA businesses when it comes to their API security posture.

The modern banking environment is heavily reliant on APIs to the point that they are now indispensable. However, this reliance presents challenges. APIs create vulnerabilities and are often the gateway for cybercriminals. The financial services industry is disproportionately targeted by threat actors who know what they want — data and money.

What did our financial services respondents say?

• 80%  of respondents have experienced an API security incident in the last year — the highest amongst all industries
• Web application firewalls  are the leading method of attack.
• 82%  say API security is more of a priority than it was 12 months ago.
• 37%  are testing in APIs real-time (a jump from 14% in 2022).