Akamai's API Security Product Achieves PCI Compliance and Sees Tremendous Customer Growth

Rhea-AI Summary

Akamai Technologies, Inc. announces that its API Security product has achieved PCI DSS 4.0 compliance, with a 200% increase in customer demand since its launch in 2023. The product offers native connector features, real-time threat blocking, and seamless integrations with leading platforms. The State of the Internet report underscores the importance of API security, with one-third of web attacks targeting APIs. Positive customer feedback highlights the product's effectiveness, ease of use, and monitoring capabilities.

Positive

• Akamai's API Security product achieves PCI DSS 4.0 compliance
• Customer demand grows by over 200% since the product launch in 2023
• Native connector feature allows for quick production deployment and threat blocking
• Seamless integrations with leading WAAP and API gateway platforms
• API Security praised for enhancing operational security and user experience

Negative

• None.

Insights

Cybersecurity Analyst

Achieving PCI DSS compliance is a significant milestone for any security product, particularly in the API space where sensitive payment data requires stringent protection. Akamai's API Security product hitting such a compliance standard reflects the company's commitment to robust security measures, which could further solidify their position in the industry. It's imperative to understand that API attacks are a growing vector for cybercriminals, so a product like this could be important for enterprises. A surge in customer demand, especially a 200% increase, indicates strong market validation and potential for revenue growth, which is a positive sign for investors. However, market sentiment can be volatile; sustained growth will depend on continuous product improvement and customer satisfaction.

Financial Analyst

The over 200% increase in customer demand for Akamai's API Security product since its launch is indicative of high market demand and acceptance. This demand likely translates into significant revenue growth, especially since API security is a critical component of modern digital infrastructure. The partnership with Apiiro and integration with existing WAAP and API gateway platforms suggest strategic positioning to capitalize on broader market trends. It's important for investors to monitor not just short-term spikes in demand but also the long-term retention and satisfaction rates among these new customers, as they will be the true test of the product's financial viability.

Market Research Analyst

Compliance with the latest PCI DSS standards suggests Akamai's API Security is staying current with industry requirements, which could enhance its appeal in sectors where data security is paramount. The reference to the State of the Internet report's findings underscores the real, quantifiable demand for enhanced API security measures. Investors should note the diverse industry adoption, signaling the product’s versatile application which could reduce market risks through diversification. The operational benefits highlighted by customers, especially in terms of ease of use and real-time capabilities, position Akamai's offering competitively, potentially influencing future market share.

Customer demand grows more than 200% since launch in 2023

CAMBRIDGE, Mass., April 23, 2024 /PRNewswire/ -- Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online, today announced that its API Security product has achieved the latest (version 4.0) Payment Card Industry Data Security Standard (PCI DSS) compliance. As part of this process, specific requirements that pertain to APIs were added.

PCI DSS is a set of security standards designed to ensure that organizations that store, process, or transmit credit card information have effective security measures in place. APIs play an essential role in PCI DSS compliance, as they can be used to handle sensitive cardholder data and facilitate payment processing. Because PCI DSS is a global standard, it sets a precedent for implementing similar practices.

Akamai also announced that it has seen great demand for its API Security offering since its acquisition of Neosec last year. Customer demand has risen over 200% since its launch in August 2023. This strong trajectory can be attributed to adding the native connector feature, which allows for production deployment in minutes and the ability for API Security to instantly block threats using App & API Protector, as well as offering integrations for deployment across leading WAAP and API gateway platforms. In addition, Akamai API Security works seamlessly with other tools, like Apiiro's ASPM offering, to help organizations shift left.

The importance of API security was driven home by findings from Akamai's latest State of the Internet report. It found that nearly one-third of web attacks target APIs.

Customers across various industries, from hospitality to retail, praise Akamai's API Security for its effectiveness, intuitive use, and real-time monitoring capabilities, emphasizing its role in enhancing their operational security and user experience.

Clal Insurance and Finance is a leading insurance and savings company. Haim Inger, CTO of Clal, says that he relies on APIs to drive innovation, and chose Akamai API Security due to its performance and ease of use. "We didn't need to do anything to understand the state of our API estate. After ingesting tokenized data about our APIs, the Akamai solution automatically delivered insights into what needed to be fixed and how to fix it."

Additional customer comments from Gartner^® Peer Insights^™ include:

• "Akamai offers real-time monitoring, providing instant visibility into potential security incidents and enabling rapid response. It has efficient control over API usage with rate limiting mechanisms to prevent abuse and ensure resource availability." — Salesforce Administrator in IT services
• "Akamai API Security Platform offers a robust and user-friendly solution for securing APIs in modern applications. With its comprehensive feature set and effective threat mitigation capabilities, it stands as a valuable investment for organizations prioritizing API security." — Engineer in the retail sector
• "Akamai API Security has excellent features with improved overall performance and security. It offers easy integration with existing systems and workflows. Akamai's solutions are designed to scale, catering to the evolving needs of growing businesses without compromising security. It also maintains industry standards and regulations, ensuring a secure and compliant API environment." - Senior Automation Test Analyst in IT services

"Based on customer inputs, it's clear that the importance of API security continues to grow as organizations rely more and more on APIs to run their enterprise," said Rupesh Chokshi, Senior Vice President and General Manager, Application Security at Akamai. "Akamai's PCI DSS–compliant API Security gives organizations the ability to monitor API behavior in any platform or gateway to ensure that businesses are running smoothly and securely."

To see use cases of how organizations are using API Security to enable full visibility into their entire API estate through continuous discovery and monitoring, please read our HiBob, EarnIn, and Dan Hotels customer stories.

Gartner^® and Peer Insights^™ are trademarks of Gartner, Inc. and/or its affiliates. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.

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 compliance standard did Akamai's API Security product achieve?

Akamai's API Security product achieved Payment Card Industry Data Security Standard (PCI DSS) 4.0 compliance.

How much has customer demand grown since the launch of Akamai's API Security product in 2023?

Customer demand has risen over 200% since the product's launch in August 2023.

What feature contributes to the strong customer demand for Akamai's API Security product?

The native connector feature allows for production deployment in minutes and the ability to instantly block threats using App & API Protector.

What role does API Security play in PCI DSS compliance?

APIs play an essential role in PCI DSS compliance as they handle sensitive cardholder data and facilitate payment processing.

What did the State of the Internet report reveal about API security?

The report found that nearly one-third of web attacks target APIs, highlighting the importance of API security.

Which industries have praised Akamai's API Security product?

Customers across various industries, from hospitality to retail, praise Akamai's API Security for its effectiveness, intuitive use, and real-time monitoring capabilities.