API cyberattacks projected to jump nearly tenfold by 2030

API cyberattacks projected to jump nearly tenfold by 2030

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New research from cloud-native application programming interface management firm Kong Inc. and an outside economist projects that API attacks will jump nearly 1,000% by 2030.

The study, conducted by Kong analysts and Dr. Christopher Whaley, an associate professor at Brown University, studied attacks using APIs as entry points. It projects that the frequency of API attacks will rise from 1,241 in 2022 to 13,608 by the end of the decade.

And they’re not cheap to deal with. The average cost of an API security breach today is $6.1 million, including the damage to an organization’s reputation. That’s set to nearly double by 2030. API attacks overall, moreover, currently cost $10.6 billion in the U.S., and that’s set to jump to $198 billion annually by 2030.

“APIs and modern microservice architecture are central to nearly all innovation we’ve seen emerge in recent years,” noted Whaley. “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.”

Kong, not surprisingly, says the research indicates the need for better governance and security for APIs.

Image: Kong

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