This 2023 industry report examines the state of API security in financial services and insurance, showing a sharp rise in API attacks alongside growing business impact. It finds a 244% increase in unique attackers in 2022, with most attacks coming from authenticated users and an increasing focus on internal APIs. Survey data shows 92% of organizations experienced production API security issues and 17% suffered API-related breaches, often tied to authentication failures, vulnerabilities, and sensitive data exposure. API security has become a C-level concern, causing rollout delays for 69% of firms, yet most programs remain immature and overly reliant on traditional tools like WAFs and gateways. The report concludes that continuous API discovery and runtime protection are essential to manage

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