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Impress IT Solutions Highlights the Rising Costs of Vulnerable APIs and Bot Attacks, Costing Businesses Up to $186 Billion Annually
October 7, 2024
Impress IT Solutions

Businesses worldwide are facing increasing financial risks from vulnerable APIs (Application Programming Interfaces) and bot-driven attacks, with losses estimated to range from $94 to $186 billion annually. According to a new report, these growing security challenges account for up to 11.8% of global cyber incidents, emphasizing the urgent need for robust protection measures.

Impress IT Solutions, a leader in cybersecurity and IT managed services, is committed to helping companies secure their digital infrastructure by addressing API vulnerabilities and mitigating bot-driven abuse, two of the most significant threats in today’s cyber landscape.

 

API Adoption Expands Attack Surfaces

APIs have become essential for modern businesses, powering everything from mobile apps to eCommerce platforms. As API adoption increases, so does the risk of exploitation. Impress IT Solutions recognizes that while APIs enhance communication and streamline operations, they can also serve as direct entry points for cyberattacks if not properly secured.

According to industry research, the average enterprise managed over 613 API endpoints in production last year, and this number is expected to grow as companies continue to prioritize digital transformation. Unfortunately, this expansion has led to a 40% increase in API-related security incidents in 2022, with another 9% rise projected for 2023.

Impress IT Solutions works closely with businesses to identify and secure their APIs, ensuring that developers follow best practices and collaborate with security teams. By doing so, companies can prevent the $87 billion in annual losses attributed to API vulnerabilities.

Bot Attacks: A Growing and Costly Threat

In addition to API vulnerabilities, bot attacks are a pervasive threat. Bots—automated programs designed to carry out specific tasks—are increasingly being used by cybercriminals to scrape websites, launch credential stuffing attacks, commit online fraud, and initiate distributed denial-of-service (DDoS) attacks.

Bot attacks surged by 88% in 2022, and another 28% in 2023, fueled by the growing use of APIs and the rise of digital transactions. The result? Up to $116 billion in annual losses due to bot-driven cyber incidents. At Impress IT Solutions, we understand that these sophisticated bots are exploiting API business logic, bypassing security measures, and gaining unauthorized access to sensitive data.

Impress IT Solutions offers advanced bot management solutions to protect businesses from these evolving threats. Our approach includes identifying vulnerable features in digital infrastructures, such as login pages and checkout systems, which are prime targets for bot operators.

Large Enterprises Face Greater Risk

Large organizations, particularly those with annual revenues exceeding $1 billion, are disproportionately affected by API and bot attacks. These enterprises typically manage hundreds or thousands of APIs across departments, creating a sprawling digital infrastructure that is challenging to monitor and secure.

The complexity of these environments means that shadow APIs, unauthenticated APIs, and deprecated APIs often go unmonitored, leaving critical gaps in security. For large enterprises, these mismanaged APIs are lucrative targets for attackers, contributing to 26% of all security incidents in organizations with annual revenues over $100 billion.

Impress IT Solutions specializes in API management and security for large enterprises. We help businesses gain full visibility into their API ecosystems, ensuring that outdated or insecure APIs do not become entry points for cybercriminals. Additionally, our bot management services prevent automated attacks from compromising valuable data and disrupting operations.

How Impress IT Solutions Secures APIs and Defends Against Bots

As businesses continue to rely on APIs to drive innovation, Impress IT Solutions is committed to providing comprehensive security solutions to mitigate the growing threats of API vulnerabilities and bot attacks.

Here’s how we help:

  1. Cross-functional Collaboration: We encourage collaboration between development and security teams to integrate security into every stage of the API lifecycle. This proactive approach ensures that vulnerabilities are identified and mitigated before they are exploited. Our bot management strategy extends this collaboration to marketing, eCommerce, IT, and other departments that may be impacted by bot-driven abuse.
  2. Comprehensive API Discovery and Monitoring: At Impress IT Solutions, we provide full visibility into all APIs, including shadow, deprecated, and unauthenticated APIs. By continuously monitoring and auditing APIs, we identify potential vulnerabilities before they can be exploited, helping businesses stay ahead of potential threats.
  3. Integrated Bot Management and API Security: Our combined approach to bot management and API security allows businesses to better protect against sophisticated automated attacks. By integrating these two critical security measures, Impress IT Solutions helps organizations detect and respond to automated threats quickly and efficiently, minimizing the risk of financial and reputational damage.

Protect Your Business from the Rising Costs of Insecure APIs and Bot Attacks

The interconnected threats of vulnerable APIs and automated bot attacks are costing businesses billions in annual losses. With the number of API endpoints and the sophistication of bot attacks both on the rise, the cost of inaction is too high to ignore.

Impress IT Solutions is here to help your business secure its digital infrastructure. By partnering with us, you can protect sensitive data, avoid financial losses, and safeguard your reputation. Contact us today for a comprehensive security assessment and take the first step toward securing your APIs and defending against bots.

Free Report:

The 7 Most Critical IT Security Protections Every Business Must Have In Place Now To Protect Themselves From Cybercrime, Data Breaches And Hacker Attacks