State of API Security in Financial Services

This industry research report examines the current state of API security within the financial services sector. It presents findings from a survey conducted with over 150 cybersecurity professionals in the United States, highlighting the pressing challenges, risks, and strategies that financial organizations face in securing their API ecosystems. The report outlines significant concerns such as unauthorized access, data exfiltration, and the management of vulnerabilities, which are critical as APIs handle sensitive information. Additionally, it discusses the regulatory pressures that financial institutions encounter, with a notable percentage expressing concerns about compliance with federal regulations and the Payment Card Industry Data Security Standard (PCI-DSS). The report emphasizes the need for a proactive approach to API security, advocating for collaboration among security teams, developers, and business stakeholders to effectively address these challenges. Through its findings, the report aims to provide guidance and practical recommendations for enhancing API security measures in the financial services industry.