UK API security incidents rise to 83% in 2024 report

The United Kingdom is facing a significant rise in API security incidents, with over 83% of UK businesses reporting such incidents in 2024, up from 69% the previous year.

Akamai's latest API Security Impact Study highlights the severity of the issue, revealing that a substantial portion of businesses in the UK and US are not conducting real-time API testing. In 2024, only 13% of surveyed organisations reported engaging in real-time testing, marking a decline from 18% in 2023.

The financial implications for UK organisations are considerable, with the average cost to address API incidents over the past year reaching GBP £420,103. This cost encompasses system repairs, downtime, legal fees, fines, and other associated expenses.

The study also points to the psychological impact of these incidents. A significant 31.2% of UK respondents reported increased stress or pressure as a result of API security incidents, placing this burden above even the financial costs.

Data oversight is becoming a concern, as only 28.5% of UK enterprises with comprehensive API inventories are aware of which APIs return sensitive data, a decrease from 40% in 2023. This figure is slightly above the global average of 27%.

The UK government and public services sector has been particularly affected, with 94.1% of organisations in this sector experiencing API security incidents over the past year. Additionally, 92% of organisations within the financial services industry and 90% of those in the healthcare sector have reported similar incidents.

On the other hand, the retail and eCommerce industry fared better, reporting the lowest number of API incidents at 68%. This sector also prioritised API security more than others, with 21.3% listing it as a top priority.

Richard Meeus, Director of Security Technology and Strategy, EMEA at Akamai, stated, "Our research shows that API security has yet to become a key element in a comprehensive security strategy. Organisations mostly treat API threats as emerging, when the attack data – as well as the financial impact and stress on security teams – shows they keep growing. We believe that the API Security Impact Study will help companies to better assess API protections and improve them where needed."

The study was conducted by surveying 1,207 leaders and practitioners across the UK, US, and Germany between June 2023 and July 2024. It provides insight into the growing challenge of securing APIs amidst increasing cyber threats and highlights areas requiring focused attention to mitigate potential risks.