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Continuing our series of webinars on the ROI of API Management, the third edition discusses mitigating security and compliance risks with enterprise-wide governance, ultimately affecting the bottom-line and the ROI of your API initiatives.
While other editions of our ROI of API Management webinar series focused more on top-line benefits, mitigating security and compliance risk is all about reducing costs. If you get API security wrong, there are major consequences that can carry significant penalties.
These consequences can be grouped into legal, financial, operational, and reputation. To be fair, however, all of them turn into financial consequences at the end of the day. A security breach can bring legal repercussions – think of the health sector, particularly in Europe with General Data Protection Regulation (GDPR). These breaches can also bring brand damage and a loss of customer trust, all of which comes down to lost dollars.
As shown in the figure below, data breaches are numerous, not quickly discovered, and not easily remedied -- all of which leads to sizeable financial losses.
In our Akana KPI Test Drive, we measure the impact of a properly-managed API security strategy by how it reduces the risk of SLA Penalties, Data Breaches, and Regulatory Compliance Violations.
Value: Ensuring Service Level Agreements are maintained to avoid monetary and disciplinary measures. For example, SLA’s may require that you meet certain performance levels, and penalties are incurred if these levels are not met.
Pain: When you grow rapidly in a digital transformation and have a large number of partnerships, it can be difficult track all these agreements (all of which are unique).
Solution: With enterprise-grade API management to effectively manage applications, you can reduce the risk of downtime and slow performance, and thus reduce the associated SLA penalties.
Value: It only takes one breach to cause irreparable damage to your most important asset – your reputation.
Pain: Ensuring that your APIs are secure from all threats to avoid litigation, fines, and damage to the brand resulting in customer loss (and the accompanying financial loss).
Solution: Enterprise-grade API management provides additional and consistent application security, reducing the risk of data breaches and costs.
Value: Ensure all regulatory requirements are met in all industries and jurisdictions.
Pain: Difficult to track changing requirements in multiple industries and jurisdictions, updating each API on a case-by-case basis.
Solution: Enterprise-grade API Management helps you adapt quickly to regulatory changes, reducing the risk of violations and large fines.
There are a number of different “best practices” to ensure that your APIs are secure.
In our webinar, Ken Carpenter, Solutions Consultant at Akana, goes into detail on the following areas — and how the Akana API management platform provides an out-of-the-box solution for portfolio security:
For an in-depth discussion on API security best practices, and how that contributes to the bottom-line to improve your ROI, view our recent webinar below. For more information, check out our comprehensive guide to API ROI.
If you're curious about how your API security strategy measures up against our benchmarking repository, and how much value can be created with a more comprehensive API security solution, begin your analysis with our KPI Test Drive.