Business Wire India
Thales, the cybersecurity leader that protects critical applications, APIs, and data, anywhere at scale, releases the “Economic Impact of API and Bot Attacks” report. The analysis of more than 161,000 unique cybersecurity incidents uncovers the rising global costs of vulnerable or insecure APIs and automated abuse by bots, two security threats that are increasingly interconnected and prevalent. The report estimates that API insecurity and bot attacks result in up to $1861 billion of losses for businesses around the world.
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The report is based on a study conducted by the Marsh McLennan Cyber Risk Intelligence Center which found that larger organizations were statistically more likely to have a higher percentage of security incidents that involved both insecure APIs and bot attacks. Enterprises with revenues of more than $1 billion were 2-3x more likely to experience automated API abuse by bots than small or mid-size businesses. The study suggests that large companies are particularly vulnerable to security risks associated with automated API abuse by bots because of complex and widespread API ecosystems that often contain exposed or insecure APIs.
Enterprises rely heavily on APIs to enable seamless communication between diverse applications and services. Data from the Imperva Threat Research team, finds that the average enterprise managed 613 API endpoints in production last year. That number is growing rapidly as businesses face mounting pressure to deliver digital services with greater agility and efficiency.
Due to this increased reliance and their direct access to sensitive data, APIs have become attractive targets for bot operators. In 2023, automated threats generated by bots accounted for 30% of all API attacks, according to data from Imperva Threat Research. Today, automated API abuse by bots costs organizations up to $17.9 billion of losses annually. As the number of APIs in production multiplies, cybercriminals will increasingly use automated bots to find and exploit API business logic, circumvent security measures, and exfiltrate sensitive data.
“It’s imperative that businesses across the world address the security risks posed by insecure APIs and bot attacks, or they face a substantial economic burden,” says Nanhi Singh, General Manager of Application Security at Imperva, a Thales company. “The interconnected nature of these threats necessitates that companies take a holistic approach, integrating comprehensive security strategies for both bot and API attacks.”
Some of the key trends identified in the report include:
“Reliance on APIs will continue to grow exponentially, driving connections to generative AI applications and large language models,” adds Singh. “At the same time, generative AI will also empower cybercriminals to create sophisticated bots at an accelerated and alarming rate. As API ecosystems expand and bots become more advanced, organizations should anticipate a significant rise in the economic impact of automated API abuse by bots unless proactive measures are taken.”
Additional Information:
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aeronautics & Space, and Cybersecurity & Digital identity.
It develops products and solutions that help make the world safer, greener and more inclusive.
The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.
Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.
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1 The overall total does not double count events that are both API and bot related.
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