There is no escaping the importance of APIs in this digital economy. They serve as a way for companies to connect their applications with other systems so that customers can access their products and services through one portal. But while APIs are an important part of any business strategy, they also present a significant security risk if not adequately protected.
Financial services continually launch new innovative products and features, which can sometimes be challenging to implement in a way that provides great customer service within a completely secure interaction.
Based on OWASP API Security Project “the APIs are a critical part of modern mobile, SaaS and web applications and can be found in customer-facing, partner-facing and internal applications. By nature, APIs expose application logic and sensitive data such as Personally Identifiable Information (PII) and because of this have increasingly become a target for attackers. Without secure APIs, rapid innovation would be impossible.”