With every new API integration that OpenAI gets access to, the attack surface of a financial organization grows, creating new opportunities for attackers to exploit vulnerabilities and gain access to sensitive customer and financial data.
APIs have become the backbone of modern digital ecosystems, allowing financial organizations to streamline operations, automate processes, and provide seamless user experiences.
APIs act as intermediaries between applications, enabling them to communicate with each other and exchange data.
If an attacker gains access to your APIs, they can easily bypass security measures and gain access to your cloud-based applications, which can result in data breaches, financial losses, compliance violations, and reputational damage.
For hackers looking to have the best return on investment of their time and energy for exploiting and exfiltrating data, APIs are one of the best targets available today.
It's clear these same APIs that enable innovation, revenue, and profits also create new avenues for attackers to achieve successful data breaches for their own gains.
As the number of APIs in use grows, so does the attack surface of a financial organization.
API security is critical because APIs are often the important link in the security chain of modern applications.
As evidence, the same ESG study also revealed most all organizations have experienced at least one security incident related to insecure APIs in the past 12 months, while the majority of organizations have experienced multiple security incidents related to insecure APIs during the past year.
One of the biggest challenges for banks and other financial service organizations is protecting their APIs and proprietary data from OpenAI and other generative AI tools.
With ChatGPT 4-Turbo, the technical and cost barriers for experimentation on APIs and data have substantially lowered.
Further, the new support for API keys, OAuth 2.0 workflow, and Microsoft Azure Active Directory opens up enterprise data like never before.
This newfound capability also opens the door to unforeseen vulnerabilities, as these AI agents access and interact with sensitive financial APIs and private data sources.
Financial service companies must grapple with the challenge of securing their APIs against malicious actors who may exploit AI-powered systems for nefarious purposes.
A proactive and comprehensive approach to API security, data governance, and AI-assisted decision-making is paramount to navigating these new challenges successfully while maintaining the trust of customers and regulatory bodies.
When it comes to securing APIs and reducing attack surfaces to help protect from ChatGPT threats, Cloud Native Application Protection Platform is a newer security framework that provides security specifically for cloud-native applications by protecting them against various API attacks threats.
As a result, CNAPPs help to identify these potentially dangerous libraries connected to Enterprise APIs and help to add layers of protection to prevent them from causing unauthorized exposure from API attack surfaces to protect your organization's reputation and clients' private data, and build trust with your customers.
Ultimately, the key to managing the risks posed by expanding API attack surfaces with ChatGPT is to take a proactive approach to API management and security.
When it comes to cloud security, CNAPP is well suited for financial organizations with cloud-native applications, microservices, and APIs that require application-level security.
API security is a must-have when building out cloud-native applications, and CNAPP offers an effective approach for protecting expanding API attack surfaces, including those caused by ChatGPT..
This Cyber News was published on www.cybersecurity-insiders.com. Publication date: Tue, 20 Feb 2024 23:43:05 +0000