82% of financial institutions are concerned about complying with federal financial regulations, while 64% struggle to understand the context between API, user activity, data flow, and code execution, hindering threat detection and response.
APIs in financial organizations handle sensitive data types like personally identifiable information and payment card details, making them attractive targets for attackers. Unauthorized access, data exfiltration, and API vulnerabilities are key security concerns.
42% of respondents who had an API-related data breach attribute it to fraud, abuse, and misuse. Only 15% express strong confidence in detecting and preventing API-based fraud. Data loss, brand damage, financial loss, and customer attrition are major repercussions.
API security concerns for financial institutions include detecting unauthorized account access, preventing data exfiltration, and identifying vulnerabilities. Compliance with regulations such as FFIEC, OCC, CFPB, and PCI-DSS is a major worry.
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