APIs have become a security nightmare for SMBs and enterprises alike.

Hackers don’t discriminate based on the number of employees or the size of the IT budget. The same types of security risks impact businesses, whatever their size.

Related: Using employees as human sensors

Day in and day out, small-to-medium businesses are targeted by cyberattacks. They are often unaware of the risks they take on, which can include hacking, fraud, phishing, and more. A primary culprit of these attacks is the lack of understanding of application programming interfaces, or APIs.

SMBs and enterprises alike have been struggling with APIs as a mechanism for information security. According to Forbes, “the first half of 2018 was marked by an increase in API-related data breaches, with the 10 largest companies reporting the loss of 63 million personal records.”

These types of attacks can allow hackers to steal massive amounts of sensitive data, disrupt operations, and even take down websites. To protect against these attacks, businesses need to implement a wide range of strong API security measures such as authentication, authorization, encryption, and vulnerability scanning. The sheer number of options has a direct impact on the budget.

The fact that there are so many different APIs is the main challenge for enterprises when it comes to API security. Storing authentication credentials for the API is a significant issue. This can be compounded by certain enterprises using the Internet of Things (IoT) that don’t have good security.

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Companies are realizing that they have to keep putting out fires on personal devices, leaving them vulnerable to attacks. The other issue with APIs is that once one is compromised, it’s likely that all of your accounts are affected because whoever does gain access will just use your username and password to log in to other sites, apps, etc.

The threat that API security breaches pose to enterprises should not be taken lightly. A breach should always trigger a comprehensive crisis communication plan involving the board, C-suite, and other stakeholders. This communication plan should specify how governing bodies will stay informed should there be a data breach…