Highlights:
- Kong analysts carried out the research, and Dr. Christopher Whaley, an Associate Professor at Brown University, focused on attacks using APIs as access points.
- API attacks already cost USD 10.6 billion in the United States, expected to rise to USD 198 billion by 2030.
According to new research from cloud-native API management business Kong Inc. and an outside economist, API attacks will increase by approximately 1,000% by 2030.
Kong analysts carried out the research, and Dr. Christopher Whaley, an Associate Professor at Brown University, focused on attacks using APIs as access points. API breaches are expected to increase from 1,241 in 2022 to 13,608 by the decade’s end.
Moreover, dealing with such instances is expensive. Today’s average cost of an API security breach is USD 6.1 million, including reputational harm. This is projected to almost double by 2030. Furthermore, API attacks already cost USD 10.6 billion in the United States, expected to rise to USD 198 billion by 2030.
“APIs and modern microservice architecture are central to nearly all innovation we’ve seen emerge in recent years. That’s everything from generative AI to decentralized blockchain, and the future applications appear limitless. The research, however, indicates poorly managed and leaky APIs have left the back door open to security threats that carry significant individual and macroeconomic consequences,” reported Whaley.
Unsurprisingly, Kong believes the findings show a need for more robust API governance and security.