Novitates Tech is committed to shaping a digital landscape that empowers businesses globally, offering accessible transformative solutions that ignite industry-wide change. Our dedication to innovation drives us to create strategies that redefine global business operations.
The digital landscape is evolving at a breakneck pace. Businesses are rapidly adopting cloud-based applications and leveraging APIs (Application Programming Interfaces) to connect them. This interconnectedness fuels innovation and agility, but it also creates a significant security challenge.
Here’s a sobering fact: according to a study by Enterprise Strategy Group (ESG), a whopping 92% of organizations have experienced at least one security incident related to insecure APIs in the past year [1]. This vulnerability stems from the dynamic nature of APIs. ESG research also found that 75% of organizations update their APIs on a daily or weekly basis [1]. This constant change creates a moving target for security teams, making it difficult to keep APIs properly secured.
The consequences of API breaches can be devastating. IBM reports that the global average cost of a data breach in 2023 reached a staggering USD 4.45 million, a 15% increase over just three years [2]. This financial burden, coupled with reputational damage and potential regulatory fines, underscores the critical need for robust API security measures.
But there’s a silver lining. Research from Gartner indicates that organizations with a focus on continuous IT cost reduction tend to be more financially secure [3]. This focus on efficiency can be strategically applied to address API security challenges.
How IT Consulting Helps Businesses Overcome IT Issues
IT consulting services offer a comprehensive approach to solving a wide range of IT challenges, including those related to API security. Here’s how they can specifically help businesses overcome IT issues:
While continuous improvement and cost reduction are crucial, security cannot be sacrificed for short-term gains. The good news is that cloud adoption can actually contribute to a more secure API environment. Research by IDC indicates that 80% of businesses recognize the importance of cloud for achieving operational excellence and resilience [5]. Cloud platforms offer a number of built-in security features that can simplify API management and improve overall security posture.
Here’s the bottom line: APIs are essential for driving business agility in today’s cloud-centric world. However, this agility must be balanced with robust security measures to mitigate the risk of breaches and their associated costs. By leveraging IT consulting services and embracing secure cloud practices, organizations can strike a winning balance between innovation and security.
Sources:
Novitatestech © 2023 All rights reserved.