Akamai Research: Web Attacks Targeting Applications and APIs Up by 49% in the Last Year

Rhea-AI Summary

Akamai Technologies (NASDAQ: AKAM) has released a new State of the Internet report highlighting the increasing threats to applications and APIs. Key findings include:

- 26 billion web attacks against applications and APIs observed in June 2024 alone
- 49% surge in these attacks over the last year
- 108 billion API attacks recorded from January 2023 through June 2024
- High technology, commerce, and social media were the most targeted industries by Layer 7 DDoS attacks
- DNS protocol was a component in 60% of Layers 3 and 4 DDoS attack events

The report emphasizes the growing concern of API abuse and its potential consequences, including data theft, brand reputation damage, regulatory fines, and financial losses.

Positive

• Akamai's research provides valuable insights into cybersecurity trends
• The company's data collection capabilities demonstrate its strong market position in cloud security

Negative

• Increasing cyber threats may lead to higher security costs for Akamai's clients
• Rising attacks could potentially impact Akamai's ability to protect its customers effectively

Insights

Cybersecurity Analyst

The surge in web attacks targeting applications and APIs by 49% over the past year is a significant concern for businesses relying on digital infrastructure. This trend underscores the evolving threat landscape and the need for robust security measures.

Key points to consider:

• The sheer volume of attacks - 26 billion in June 2024 alone - indicates a persistent and growing threat.
• API abuse is particularly worrisome, with 108 billion attacks recorded from January 2023 to June 2024. This highlights the critical need for API-specific security strategies.
• The commerce industry being the most targeted sector suggests that financial motivations are driving many of these attacks.
• The prevalence of traditional attack vectors like LFI, XSS and SQLi shows that basic security practices are still essential.

For investors, this trend could signal increased demand for cybersecurity solutions, particularly those focusing on application and API protection. Companies offering such services may see growth opportunities. However, it also poses risks for businesses that fail to adequately protect their digital assets, potentially leading to financial losses and reputational damage.

Technology Industry Analyst

The report's findings have significant implications for the tech industry and related stocks. The high technology sector being among the top three industries targeted by Layer 7 DDoS attacks is particularly noteworthy.

Key considerations for investors:

• Cybersecurity companies specializing in application and API protection may see increased demand, potentially boosting their market value.
• Tech companies with robust security measures may gain a competitive advantage, while those with vulnerabilities could face increased risks.
• The rise in attacks could lead to higher cybersecurity spending across the tech sector, impacting profit margins but potentially creating opportunities for security vendors.
• The prevalence of DNS-based attacks (involved in 60% of Layer 3 and 4 DDoS events) suggests a need for specialized DNS security solutions.

Investors should closely monitor how tech companies are addressing these threats and consider the potential impact on their financial performance and risk profile. Companies that can demonstrate strong security postures may be better positioned in the market.

Financial Risk Analyst

The escalating cyber threats outlined in Akamai's report present significant financial risks for businesses across various sectors, particularly in commerce, high technology and social media. Investors need to consider the potential financial implications of these security challenges.

Key financial risk factors:

• Data breaches resulting from successful attacks can lead to substantial regulatory fines, especially under stringent data protection laws like GDPR.
• The cost of implementing and maintaining robust cybersecurity measures may impact companies' operational expenses and profitability.
• Reputational damage from high-profile breaches can lead to loss of customer trust and potentially decreased revenue.
• Companies may face increased insurance premiums for cyber risk coverage.

From an investment perspective, it's important to assess a company's cybersecurity preparedness as part of the overall risk evaluation. Firms with strong security postures and proactive strategies may be better positioned to mitigate these financial risks. Conversely, those lagging in cybersecurity investments might face higher long-term costs and potential value erosion.

Akamai recorded more than 26 billion application and API attacks in June 2024

CAMBRIDGE, Mass., July 30, 2024 /PRNewswire/ -- Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online, today released a new State of the Internet (SOTI) report that shows how growth in demand for applications and APIs has transformed them into lucrative targets for threat actors. In Digital Fortresses Under Siege: Threats to Modern Application Architectures, Akamai notes that it observed more than 26 billion web attacks against applications and APIs in June 2024 alone, and that these attacks surged by 49% over the last year.

API abuse in particular is a growing concern for businesses that increasingly rely on these gateways to provide access to their capabilities and services. The report notes that attacks against APIs can occur in various forms, including data breaches, abuse, and distributed denial-of-service (DDoS) attacks. In fact, Akamai recorded 108 billion API attacks from January 2023 through June 2024. These relentless assaults against APIs can lead to data theft, damages to brand reputation, regulatory fines, and significant financial losses.

Other key findings of the report include:

• High technology, commerce, and social media were the three industries most targeted by Layer 7 DDoS attacks, with more than 11 trillion attacks in just 18 months.
• DDoS attacks challenge traffic over all ports and protocols on Layers 3 and 4 and Layer 7. This includes the Domain Name System (DNS) protocol, which Akamai research observed to be a component in 60% of Layers 3 and 4 DDoS attack events in the past 18 months.
• The commerce industry has been victim to the most web application and API attacks, with more than double the number of attacks than any other sector (high technology was second).
• Local file inclusion (LFI), cross-site scripting (XSS), SQL injection (SQLi), command injection (CMDi), and server-side request forgery (SSRF) attacks remain prevalent vectors that target business applications and APIs.

"Successful attacks against applications and APIs are becoming more common and they can impact an organization's revenue and reputation," said Rupesh Chokshi, Senior Vice President and General Manager, Application Security, Akamai. "With Digital Fortresses Under Siege: Threats to Modern Application Architectures, we provide an in-depth look at how attackers target apps and APIs and share effective strategies to prevent these dangerous incursions, ensuring your organization remains resilient."

Digital Fortresses Under Siege: Threats to Modern Application Architectures includes a security spotlight that offers advice on mobile app user agreements. The report also features snapshots for the Europe, Middle East and Africa (EMEA) and Asian-Pacific and Japan (APJ) regions that provide data and case studies particular to those areas.

This year marks the 10th anniversary of Akamai's State of the Internet (SOTI) reports. The SOTI series provides expert insights on the cybersecurity and web performance landscapes, based on data gathered from Akamai Connected Cloud.

About Akamai
Akamai powers and protects life online. Leading companies worldwide choose Akamai to build, deliver, and secure their digital experiences — helping billions of people live, work, and play every day. Akamai Connected Cloud, a massively distributed edge and cloud platform, puts apps and experiences closer to users and keeps threats farther away. Learn more about Akamai's cloud computing, security, and content delivery solutions at akamai.com and akamai.com/blog, or follow Akamai Technologies on X, formerly known as Twitter, and LinkedIn.

Contact
Jim Lubinskas
Akamai Media Relations
703.907.9103
jlubinsk@akamai.com 

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SOURCE Akamai Technologies, Inc.

FAQ

What was the increase in web attacks targeting applications and APIs according to Akamai's report?

According to Akamai's report, web attacks targeting applications and APIs increased by 49% over the last year.

How many API attacks did Akamai record from January 2023 through June 2024?

Akamai recorded 108 billion API attacks from January 2023 through June 2024.

Which industries were most targeted by Layer 7 DDoS attacks according to Akamai's research?

High technology, commerce, and social media were the three industries most targeted by Layer 7 DDoS attacks, with more than 11 trillion attacks in just 18 months.

What percentage of Layers 3 and 4 DDoS attack events involved the DNS protocol?

According to Akamai's research, the DNS protocol was a component in 60% of Layers 3 and 4 DDoS attack events in the past 18 months.