Securing Financial Data and Transactions with API Security
APIs are essential for financial institutions to enable secure transactions, manage sensitive data, and meet regulatory compliance. With cyber threats on the rise, securing APIs has become crucial to avoid data breaches, financial losses, and reputational harm.
Rakuten SixthSense’s API Security platform provides real-time threat detection and protection, empowering financial institutions to safeguard their APIs, protect customer information, and ensure compliance. By maintaining a strong API security posture, financial organizations can enhance operational resilience, reduce risks, and protect their digital ecosystems from emerging cyber threats.
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Key Benefits
Mitigating Data Breaches
APIs are often the target of cyberattacks because they handle sensitive customer data such as credit scores, financial transactions, and personally identifiable information (PII). Unauthorized access to APIs can lead to identity theft, data breaches, and significant regulatory penalties.
PII Discovery & Cataloguing — Rakuten SixthSense provides real-time discovery and monitoring of APIs, ensuring up-to-date visibility into the API landscape. This includes a complete inventory of APIs, real-time performance insights, and quick issue resolution, helping to prevent unauthorized access and data breaches.
Fortifying API Security Against Evolving Threats
Many financial institutions use outdated or weak API security tools that fail to provide adequate protection against evolving threats. Poor authentication, weak authorization checks, and ineffective monitoring can lead to significant security breaches and non-compliance with regulatory requirements.
Security Posture Assessment — Regular assessments by Rakuten SixthSense identify vulnerabilities and risks in the API environment, ensuring compliance with security best practices. Benefits include the continuous improvement of security measures, regulatory compliance, and prioritization of vulnerabilities to reduce the risk of breaches.
Controlling API Sprawl for Better Security
The BFSI sector often experiences rapid API expansion, which can lead to API sprawl—an overwhelming number of APIs that are difficult to manage. API sprawl introduces security risks, especially when third-party integrations are involved, and can cause cascading security failures.
Detect Sensitive Data Exposure — Rakuten SixthSense continuously monitors and identifies risks related to unauthorized access or leakage of sensitive information. This ensures real-time visibility, quick breach detection, and robust protection of sensitive data, helping institutions effectively manage their API landscape.
