APIs have numerous benefits: it allows businesses to communicate between numerous applications, avoid the development of solutions that already exist, and access all functionality they need within one platform.
APIs became extremely popular not only among organizations but among hackers as well. Companies use numerous APIs nowadays, significant amping of which are public ones, but they rarely care about the security of this connection. That is how APIs become an easy target for hackers: there are numerous entry points that exchange very important data.
The current data proves the trend of API attacks. As for 2021
, API attacks increased by 348% in 6 months. Gartner
foresees that APIs will become the main target of attackers by 2022.
In FinTech, where lost data usually means lost money, the problem of API security is as acute as ever. Numerous regulations such as European Banking Authority Guidelines on ICT and security risk management 2019
started to focus on API security. In this article, we will explore different API breaches in the FinTech and finance industry overall so that you can avoid the same mistakes and PCI DSS and PSD2 Directive violations in the future.