API Predictions for 2024
Is Salt Security a fortune teller? We’re not sure if we’d go as far as to say that, but we certainly have had our fair share of precognitive moments. In today’s virtual age where everyone is utilizing and relying on digital landscapes, people’s data is constantly being put online. As technology advances and more people go online, bad actors and cyber threats use vulnerabilities in Application Programming Interfaces (APIs) to get access to sensitive data. It is critical for companies and organizations that are navigating the digital world to stay up to date on predictions in the cybersecurity world, as well as to employ the appropriate tools and strategies on API security to keep company and customer data safe.
3 Predictions for 2024
With the drastic increase in API implementation in 2023, API security is more than just a friendly suggestion. In 2024, there are three trends that we predict will become more prevalent as the year progresses:
- Progressing digitization will lead to more API attacks.
- API security strategy will become an industry focus.
- API usage will continue to grow with the use of AI
As it happens, API-related security vulnerabilities continue to escalate and at Salt Security, we like to continually think about the future—planning and plotting as we calculate how each upcoming year will progress, then making appropriate alterations as the API security landscape shifts and evolves in the present day. In cybersecurity, it is of the utmost importance to always be several steps ahead of cyber attacks. To do so, Salt Security offers a software platform solution and utilizes our researchers (Salt Labs) to keep us sharp and prepared for anything that may present itself.
It is with great enthusiasm that we will be going over what this previous year has brought and what is to come next.
What we’ve seen in 2023
To kick off, 2023’s main predictions surrounded the rapid expansion of APIs. As the year comes to an end and 2024 begins, we have seen quite the rise of API usage. Discussed in this article by our Field CTO, Nick Rago, API security breaches have skyrocketed due to the jump in API usage as they are a heavy target for cyber attacks and bad actors. Since the API landscape is dynamic and ever-changing, it can be difficult for companies to stay safe from data leaks and exposure risks. We predicted that APIs would grow, however, there is a valuable key component that many organizations lack — it is also the star of our prediction for this upcoming year.
What's in store for 2024
Progressing digitization will lead to more API attacks
As best said by Nick Rago, “API attacks will also continue to increase at an alarming rate in 2024 as organizations struggle to manage the chaos of API sprawl stemming from API-first innovation and digitalization” (article). APIs are the building blocks of modern software development. They make it possible for different software to integrate smoothly, allowing for scalability, quick development, and innovation. Their impact is widespread across various industries, significantly boosting the efficiency and functionality of digital ecosystems. As we progress into a more digitized world, more APIs will be required to keep everything well-functioning; unfortunately, more digitization will lead to more API attacks. This will especially impact CISO’s as increased API security challenges lead to a rise of legal issues, personal risks, and liabilities in the risk of data breaches. Due to the complexities of APIs and their high importance, organizations will be more likely to consider expanding their budget in favor of bettering their API security posture in 2024.
API security strategy will become an industry focus
The deployment of API Security strategies will become more prevalent as current security tools cannot provide a safe solution to protect APIs. As we have seen, many organizations in 2023 do the bare minimum by simply trying to use their existing tools, which will not fix the big issue. APIs are constantly in danger of fluctuating problems that need complex strategies to solve unique and logical attacks stemming from bad actors. As our VP EMEA, Nico Wagemans, says: “A well-thought-out program for robust API security, from design to implementation, is essential to arm organizations against the ever-evolving challenges of API threats in 2024” (article).
API usage will continue to grow with the use of AI
We all know about generative artificial intelligence (AI) models such as ChatGPT, Scribe, and AlphaCode, among countless others. Many companies are utilizing these platforms for various reasons whether that be for software development, content creation or even finance, but not a lot of people are aware that APIs are vital for the data transmission, which raises security concerns about sensitive data. Many organizations are adopting generative AI for software development, emphasizing the need for visibility into these outputs. On the flipside, cybercriminals are now looking to exploit AI for potential vulnerabilities, thus requiring a secure API protection strategy.
Why API Security is important in 2024
Nowadays, we use apps for almost everything: transportation, ordering food, social media, entertainment, banking, and more. Apps these days are being used by people of all ages, exposing us to this online world when we are young and integrating into our everyday lives in ways that are no longer just harmless games. So much of our personal information is on each app on our phones, computers, tablets, watches, and even our cars. These apps can track our health, our location, our bank statements, our friends and family, and so much more. All of these apps contain APIs that are constantly at risk of being targeted by hackers who constantly try to gain sensitive information that can be exploited for ransom. Knowing about APIs and the right strategies to ensure the best security is now a high priority for companies to prevent such data leaks that can cost both money and reputation.
In Conclusion
In a world of evolving technology that brings us further online with each passing year, organizations will face challenges with the evolution of AI and an influx of serious cyber threats, making it crucial that organizations take preventative measures and have well-developed security systems and strategies in place.
As we dive into 2024, it is important for organizations that produce apps to have that security so they can continue to keep sensitive data in these applications safe.
For more information, check out our website. You can also connect with a rep or schedule a personalized demo to learn more about how Salt can help defend your organization from API risks.
