Traceable AI Report: API Security Emerges as Top Concern for Financial Sector Amid Increasing Threats

Traceable AI Report: API Security Emerges as Top Concern for Financial Sector Amid Increasing Threats

SAN FRANCISCO--Traceable AI, the industry's leading API security company, today released an in-depth report exposing the state of API security in the financial services industry. The study surveyed over 150 cybersecurity professionals in the United States, uncovering critical vulnerabilities, concerns, and current API security practices in the financial sector.

“The State of API Security in Financial Services”

The proliferation of APIs in the financial services industry has created a vast and complex attack surface that traditional security measures cannot adequately protect. As APIs become deeply embedded in critical operations, the challenges posed by their widespread adoption are becoming more evident. The report's findings underscore the growing complexity of the API ecosystem and the potential consequences of failing to address their security issues effectively.

Key findings from the report include:

"The findings of this report serve as a reality check for our industry. While financial organizations understand the importance of API security, many are still struggling with basic challenges," said Richard Bird, Chief Security Officer at Traceable and former CISO in the financial services industry.

"As security leaders, we can't afford to be caught off guard by the growing threats of fraud and malicious bots that are constantly looking for ways to exploit API vulnerabilities," Bird continues. "This report is a call to action for all of us to take a hard look at what we're doing now and work together to prioritize and implement effective security measures. The stakes are high, and we need to step up and lead the charge in securing our API ecosystems."

To gain actionable insights for strengthening API security in financial services, download the full report.

For a deeper dive into the findings and expert recommendations, register for the upcoming webinar, "The State of API Security in Financial Services," on June 17 at 10am PT, featuring Richard Bird. Secure your spot today.

About Traceable AI

Traceable’s intelligent and context-aware solution powers complete API security, API discovery and posture management, API security testing, attack detection and threat hunting, and attack protection anywhere your APIs live. Traceable enables organizations to minimize risk and maximize the value that APIs bring their customers. To learn more about how API security can help your business, book a demo with a security expert.