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Cloud Security Report Highlights Misconfiguration and IAM as Top Threats

Traditional cloud security issues once associated with service providers are declining in significance, as per the Cloud Security Alliance's 2024 Top Threats report,  However, new challenges persist.


Misconfigurations, weak identity and access management (IAM), and insecure application programming interfaces (APIs) continue to pose the most significant risks to cloud environments. These issues have held top rankings for several years, indicating their persistent nature and the industry's ongoing focus on addressing them.

Other critical concerns include inadequate cloud security strategies, vulnerabilities in third-party resources and software development, accidental data leaks, and system weaknesses. While threats like denial of service and shared technology vulnerabilities have diminished in impact, the report highlights the growing sophistication of attacks, including the use of artificial intelligence.

The cloud security landscape is also influenced by increasing supply chain risks, evolving regulations, and the rise of ransomware-as-a-service (RaaS). Organizations must adapt their security practices to address these challenges and protect their cloud environments.

The report's findings are based on a comprehensive survey of cybersecurity professionals, emphasizing the importance of these issues within the industry.
 
Key Takeaways:
* Misconfigurations, IAM, and API security remain top cloud security concerns.
* Attacks are becoming more sophisticated, requiring proactive security measures.
* Supply chain risks, regulatory changes, and ransomware pose additional threats.
* Organizations must prioritize cloud security to mitigate financial and reputational risks. 

Akamai Expands into API Security with $450 Million Noname Deal

 


It was founded in 2020 and is currently one of the top API security vendors in the world. After emerging from stealth in a year, Noname has reached unicorn status, as of 2021. As a result of the $220 million funding raised, Noname will be able to expand Akamai's existing API Security offering to satisfy customer demand and market demands. 

In addition to scaling up Akamai's sales and marketing resources, the acquisition will also enable Akamai to expand its existing API Security solution. Upon acquiring Akamai, the company will provide a comprehensive API security suite including shadow API detection and vulnerability and attack detection. Akamai powers and protects life online through its platform. 

Millions of people live, work, and play on Akamai's digital experiences every day, and leading companies around the world choose Akamai to help build, deliver, and secure them. A massively distributed edge and cloud platform from Akamai, Akamai Connected Cloud puts users closer to applications and experiences and keeps threats at bay. 

The Akamai acquisition will enable Akamai to provide customers with an API security suite that will enable them to find and detect “shadow” APIs as well as vulnerabilities and attacks better. In addition to providing customers with an enhanced deployment choice, Akamai's enhanced offering is expected to include a portfolio of unparalleled technology integrations in the industry. 

In addition to integrating Noname into Akamai's Application and API platform soon after the acquisition is complete, Akamai also plans to make Noname available to Akamai's customers as soon as possible. Among the many announcements that Akamai Technologies Inc., a provider of content delivery networks and cloud services, made today was Akamai's announcement that it would acquire Israeli application programming security company Noname Security for approximately $450 million. 

The two companies were reported to be in talks about a deal in February. According to a recent report published last month, talks between the two companies were in the advanced stages, with a $500 million acquisition price possible. Noname Security was founded in 2020, and its security platform provides enterprises with a comprehensive way of observing and safeguarding all kinds of application programming interfaces, regardless of whether they are managed or unmanaged. 

In a bid to “eliminate API blind spots,” this company’s platform was designed to protect enterprises from data leakage, authorization issues, abuse, misuse, and corruption of data. It has raised approximately $220 million to date at Noname Security, and when it raised a $135 million Series C round in December 2021, the startup was valued at $1 billion. 

In other words, the current deal represents a significant disappointment to the company's investors, especially the ones who came in at later stages, like Georgian and Lightspeed, as the deal represents a significant disappointment to most of them. The Syndicate Group (TSG), Insight Partners, Cyberstarts, Next47, and Forgepoint are also among the other investors. This deal underscores the fact that the cybersecurity market is continuing to consolidate as more companies seek to develop their products. 

There have been several cybersecurity startups that have emerged over the last few years, and the number continues to grow. It has been found that many of these companies struggle to scale, raise money or sell their products to customers who are looking to purchase a single point of contact to manage multiple security needs, which is why bigger players are buying the smaller and more promising of these smaller companies. 

In some cases, these discounts may not be as steep as you might think. The last private fundraise of Noname was valued at $1 billion in December 2021, so it is now valued at less than half that amount, making it one of the most expensive private companies in the world. Even though this discount may not be the worst, Wiz was negotiating to acquire Lacework Security for $168 million, a narrowly smaller value than its previous valuation of $8.3 billion, which was a blow to the company. 

There was, however, a problem during due diligence on that deal, which led to its failure. According to Akamai's press release, Noname will be integrated into their API Security business, which is expected to generate revenue of approximately $20 million for the company in fiscal year 2024 as a result of the acquisition. In the meantime, Oz Golan, co-founder and CEO of Noname, explained that the firm would be protected by Akamai when it acquired the firm, ensuring customers' apps were protected across various environments as well as platforms of various vendors.

Adopting ChatGPT Securely: Best Practices for Enterprises

As businesses continue to embrace the power of artificial intelligence (AI), chatbots are becoming increasingly popular. One of the most advanced chatbots available today is ChatGPT, a language model developed by OpenAI that uses deep learning to generate human-like responses to text-based queries. While ChatGPT can be a powerful tool for businesses, it is important to adopt it securely to avoid any potential risks to sensitive data.

Here are some tips for enterprises looking to adopt ChatGPT securely:
  • Conduct a risk assessment: Before implementing ChatGPT, it is important to conduct a comprehensive risk assessment to identify any potential vulnerabilities that could be exploited by attackers. This will help organizations to develop a plan to mitigate risks and ensure that their data is protected.
  • Use secure channels: To prevent unauthorized access to ChatGPT, it is important to use secure channels to communicate with the chatbot. This includes using encrypted communication channels and secure APIs.
  • Monitor access: It is important to monitor who has access to ChatGPT and ensure that access is granted only to authorized individuals. This can be done by implementing strong access controls and monitoring access logs.
  • Train employees: Employees should be trained on the proper use of ChatGPT and the potential risks associated with its use. This includes ensuring that employees do not share sensitive data with the chatbot and that they are aware of the potential for social engineering attacks.
  • Implement zero-trust security: Zero-trust security is an approach that assumes that every user and device on a network is a potential threat. This means that access to resources should be granted only on a need-to-know basis and after proper authentication.
By adopting these best practices, enterprises can ensure that ChatGPT is used securely and that their data is protected. However, it is important to note that AI technology is constantly evolving, and businesses must stay up-to-date with the latest security trends to stay ahead of potential threats.

Twitter Data Breach Indicates How APIs Are a Goldmine for PII and Social Engineering


A Twitter API vulnerability that was detected in June 2021, and was later patched, has apparently been haunting the organization yet again. 

In December 2022, a hacker claimed to have access to the personal data of 400 million Twitter users for sale on the dark web markets. And only yesterday, the attacker published the account details and email addresses of 235 million users. 

The breached data revealed by the hacker includes account names, handle creation data, follower count, and email addresses of victims. Moreover, the threat actors can as well design social engineering campaigns to dupe people into providing them their personal data. 

Twitter: A Social Engineering Goldmine 

Social media giants provide threat actors with a gold mine of user data and personal information that they can utilize in order to perform social engineering scams. 

Getting a hold of just a user name, email address, and contextual information of a user’s profile, available to the public, a hacker may conduct reconnaissance on their targeted user and create phishing and scam campaigns that are specifically designed to dupe them into providing personal information. 

In this case, while the exposed information was limited to users’ information available publicly, the immense volume of accounts exposed in a single location (Twitter) has in fact provided a “goldmine of information” to the threat actors. 

The Link Between Social Engineering and API Attacks 

Unsecured APIs allow cybercriminals direct access to users’ Personally Identifiable Information (PII), such as username and password, which is captured when the user connects to any third-party service API. API attack thus provides threat actors with a window to collect large amounts of personal information for scams. 

An instance of this happened just a month ago when a threat actor leveraged an API flaw to gather the data of 80,000 executives throughout the private sector and sell it on the dark web. The threat actor had applied successfully to the FBI's InfraGard intelligence sharing service. 

The data collected during the incident included usernames, email addresses, Social Security numbers, and dates of birth of victims. This highly valuable information was utilized by the threat actors for developing social engineering dupes and spear phishing attacks. 

How to Protect APIs and PII? 

One of the main challenges faced while combating API breaches is how modern enterprises need to detect and secure a large number of APIs. A single vulnerability can put user data at risk of exfiltration, therefore there is little room for error. 

“Protecting organizations from API attacks requires consistent, diligent oversight of vendor management, and specifically ensuring that every API is fit for use […] It’s a lot for organizations to manage, but the risk is too great not to,” says Chris Bowen, CISO at ClearDATA.  “In healthcare, for example, where patient data is at stake, every API should address several components like identity management, access management, authentication, authorization, data transport, exchange security, and trusted connectivity.”

It has also been advised to the security team to not rely solely on simple authentication options like username and password in order to secure their APIs. 

“In today’s environment, basic usernames and passwords are no longer enough […] It’s now vital to use standards such as two-factor authentication (2FA) and/or secure authentication with OAuth,” says Will Au, senior director for DevOps, operations, and site reliability at Jitterbit. 

Moreover, measures such as utilizing a Web Application Firewall (WAF), and monitoring API traffic in real time can aid in detecting malicious activities, ultimately minimizing the risk of compromise.  

Financial Service API and Web Application Attacks are up by 257%

 



Various cyber security networks are publishing reports and providing data on various ongoing issues and every day there is a new addition of cyber threat and consequently to the security arsenal. However, managing the attack surface (vulnerabilities, attack vectors, etc) is the biggest challenge that modern society is witnessing. 

In today’s hybrid and multi-cloud environments, apps and APIs are potential targets that cyberhackers can and will exploit. Recently, CDN provider Akamai Technologies, Inc., has released new research in which they have disclosed that year-over-year 257% growth has been seen in web application and API attacks on financial service institutions. 

The report indicates a growing risk to the financial services sector and a shift to more advanced and sophisticated cyberattacks. The report also revealed that DDoS attacks on financial services institutions have grown by 22%. 

Furthermore, the study shows that cybercriminals are using techniques in their phishing campaigns to bypass two-factor authentication solutions. 

It is alarming that various institutions are collecting data on recent cybercrime, as we mentioned in the beginning. In this regard, Enemy at the Gates, published a report that revealed that roughly 80 percent of threat attackers aim their efforts at customers of financial services in an attempt to find paths of least resistance for monetary gain. 

“Companies have moved key infrastructure over to APIs, so the criminals are following the revenue. But on top of that, APIs are newer and, in many cases, don’t have the same level of maturity in security processes and controls, so are more vulnerable,” Steve Winterfeld, advisory CISO at Akamai said. 

Along with this, the company recommended a number of steps that enterprises can take to prevent API-driven threats. 
  • Institutions should invest in technologies to automatically discover, validate and catalog APIs, at the same time developing a security strategy that incorporates API security testing and API access control. 
  • Increasing transparency over what internal and third-party APIs are used for as it ensures that enterprises are in a position to start mitigating potential threats across the attack surface. 
  • Updating phishing defenses to counter the latest MFA attacks with FIDO2-compliant capabilities should be the priority for the institutions. 
“Finally, they are easier to automate attacks against as they are designed for automation. These factors combine to make APIs a smart place for attackers to focus. This is also why CISOs need to focus on them,” Winterfeld added.

How API Security is Emerging as a Potential Threat to Data-Driven Enterprises


Application programming interfaces play a big role in data-driven enterprises since they rely largely on their software application architecture. APIs have led to a sea change in the way we use web applications as they act as a communication pipeline between numerous services. Using APIs, developers can incorporate any contemporary technology into their architecture, which is quite helpful for including functionality that a consumer needs. 

APIs, by nature, are at risk of getting the application logic or sensitive data exposed, such as personally identifiable information (PII). Since APIs are generally accessible over public networks, they are often well-documented and can easily be manipulated and reverse-engineered by a threat actor. Additionally, they are susceptible to DDoS attacks. 

Since most significant data leaks happen as a result of defective, vulnerable, or hacked APIs, exposing data like medical, financial, or personal information, it is crucial to ensure the security of APIs. Additionally, if an API is not properly secured, it could result in numerous cyberattacks, making API security essential for today's data-driven enterprises. 

Critical API vulnerabilities and attacks 

In recent times, APIs have emerged as a preferred method for establishing more advanced applications, significantly for mobile devices and the internet of things (IoT). however, some businesses still need to fully understand the possible risks pertaining to their APIs while making them accessible to the public, given the continually evolving application-development methodologies and pressure for innovation. 

Businesses should as well be cautious of these typical security errors before public deployment.

Authentication flaws: Many APIs deny requests for authentication status made by legitimate users. Threat actors could take advantage of these exploits in a variety of ways by replicating API requests, such as session hijacking and account aggregation. 

Lack of encryption: Several APIs lack encryption layers present between the API client and server. Flaws as such could lead a threat actor into intercepting unencrypted or stealing sensitive data via unencrypted or inadequately protected API transactions. 

• Flawed endpoint security: Since most IoT devices and microservices are created in order to communicate with the server via an API channel, hackers often attempt to acquire unauthorized access over them through IoT endpoints. This frequently causes the API to reorder its sequence, leading to a data breach. 

Challenges Faced by API Security

As per Yannick Bedard, head of penetration testing, IBM security X-Force Red, one of the challenges in API security in current times is going through tests for security, for intended logic flows could be difficult to understand, and test it is not clearly comprehended. 

Bedard tells VentureBeat, “In a web application, these logical flows are intuitive through the use of the web UI, but in an API, it can be more difficult to detail these workflows […] This can lead to security testing missing vulnerabilities that may, in turn, be exploited by attackers.” 

“It is common for services to inherently trust data coming from other APIs as clean, only for it to turn out to not be properly sanitized,” says Bedard.  “Malicious data would eventually flow to backend APIs, sometimes behind many other services. These APIs would, in turn, be vulnerable and could provide the attacker an initial foothold into the organization.”

“The top challenge is discovery, as many security teams just aren’t sure how many APIs they have,” says Sandy Carielli, principal analyst at Forrester. 

Carielli said that many teams unknowingly deploy rogue APIs or there may be unmaintained APIs that are still publicly accessible, which can lead to several security hazards. 

According to her, many teams obliviously use rogue APIs, and there may be unmaintained APIs that are still accessible to the general public. This poses a number of security risks. “API specifications could be outdated, and you can’t protect what you don’t know you have,” she said. “Start by understanding what controls you already have in your environment to secure APIs, and then identify and address the gaps. Critically, make sure to address API discovery and inventory.” 

Best practices to enhance API security 

Listed are a few approaches that may be utilized in order to effectively secure your system against API intruders: 

API gateway: API gateway serves as the cornerstone of an API security framework, since it is easy to create, administer, monitor, and secure APIs, and serves as the cornerstone of an API security framework. The API gateway can enable API monitoring, logging, and rate limitation in addition to protecting against a variety of threats. Additionally, it may automatically validate security tokens and restrict traffic depending on IP addresses and other data. 

Web application firewalls (WAF): WAF serves as a layer between traffic and the API gateway or application. It offers an additional security layer against threat actors, like bots, by providing malicious bot detection, the ability to detect attack signatures, and additional IP intelligence, WAFs can be useful for preventing malicious traffic from entering your gateway in the first place. 

Security applications: Standalone security applications with features like real-time protection, static coded and vulnerability scanning, built-time checking, and security fuzzing can as well be incorporated into the security architecture. 

Security in code: An internal form of security that is built into the API or apps is security code. However, it can be challenging to apply uniformly across all of your API portfolios the resources necessary to verify that all security measures are applied appropriately in your API code.   

APIs are Everywhere, but the Security is Lacking



With the gradual increase in the number of APIs (Application Programming Interface), spreading across the corporate infrastructure, API is also emerging as the largest attack surface in applications and a big target for threat actors and cyber attackers. 

According to industry experts, the increase in integrated web and mobile offerings that requires data exchange between products of multiple organizations and the reliability of mobile apps on APIs, has eventually led to growth, making API security a huge challenge for CIOs today.

A 2022 survey by 451 Research found that 41% of organizations surveyed had an API security incident in the last 12 months; 63% of respondents said the incident involved a data breach or loss. 

Consequently, cybersecurity startup Wib is looking to zero in on API security. Wib further announced a $16 million investment led by Koch Disruptive Technologies (KDT), the growth and venture arm of Koch Industries, Inc, with participation from Kmehin Ventures, Venture Israel, Techstars, and existing investors. 

Blocking API attacks in the network: 

According to a report by GigaOm research, API security products were developed before API use expanded to the extent seen today and “were based upon the idea that it is asking for failure to insist developers secure the code they write. The report added that “most developers do not knowingly create insecure code,” if they inadvertently develop code with vulnerabilities, most likely because they are unaware of what vulnerabilities an API might suffer from. 

“Once API security was in use, though,” the report said, “IT quickly discovered a new reason to use a security product: Some vulnerabilities are far easier blocked in the network than in each and every application.” 

The report inferred that the idea that it is more effective in blocking some attacks in the network, including data centers, cloud vendors, and SaaS providers — before access to the API occurs, has spurred demand for products that can do this. 

According to Wib, its API security platform aims at providing visibility across the entire API landscape, right from code to production. This would help unify software developers, cyber defenders, and CIOs around a single holistic view of their complete API domain. 

The platform could leverage real-time inspection, management, and control at every stage of the API lifecycle to automate inventory and API change management, according to the company. Wib was created to identify rogue, zombie, and shadow APIs and analyze business risk and impact, helping organizations reduce and harden their API attack surface. 

According to Gil Don, CEO, and co-founder of Wib, API has moved into the spotlight in the past years. “Organizations are using them as the basis of a new generation of complex applications, underpinning their move to competitive and agile digital business models,’’ says Don. 

A Whole New Category of Cyber Threat

Don explains that APIs account for 91% of all web traffic and they fit with the trend towards microservices architectures and the need to respond dynamically to rapidly changing market conditions. But APIs have given rise “to a whole new category of cybersecurity threats that explicitly targets them as a primary attack vector. Web API traffic and attacks are growing in volume and severity.” 

Over half of APIs are invisible to business IT and security teams. “These unknown, unmanaged, and unsecured APIs are creating massive blind spots for CIOs that expose critical business logic vulnerabilities and increase risk,’’ Don continues. 

On the other hand, GigaOm report called out Wib for its API source code scanning and analysis “with an eye toward API weaknesses.” Wib’s platform “provides automatic API documentation to create up-to-date documentation, as well as snapshots of changes to APIs and their risks every time they see a commit to code,” the report further read. 

As its operations grow across the Americas, UK, and EMEA, Wib says the investments will be used in order to improve its comprehensive API security platform and accelerate international growth.