API Security in Banking
APIs are the backbone of modern digital banking, enabling seamless transactions, real-time fraud detection, and integration with third-party services. For a leading Indian bank, the rapid digital transformation and increasing reliance on APIs have brought both innovation and heightened risk.
Recent trends show India is now a top global target for API attacks, with the financial sector facing consistent and aggressive threats. The average cost of a data breach in India reached $2.18 million in 2023, a 28% increase since 2020, highlighting the urgent need for advanced API security.
While specific numbers may vary, the principles and benefits outlined here are directly applicable to any bank seeking to secure its API ecosystem.
Outcomes
- •The bank gained complete visibility into its API landscape, identified and remediated undocumented APIs, and established a foundation for ongoing risk management.
- •The bank detected and blocked hundreds of unauthorized access attempts and prevented several potential data breaches, significantly reducing the risk of sensitive data exposure by more than 100%.
- •Operational costs by automating API security tasks, increasing overall API stability by 12%.
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