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As the attack surface continues to expand in the cloud, API security becomes an increasingly important concern. Salt Security has reported a 681% increase in API attack traffic over the past year, while total API traffic increased by 321%.
Cyber Security Provider Aktowhich today announced it has raised $4.5 million in seed funding aims to mitigate these cyber threats by providing organizations with a platform to create a real-time inventory of APIs to secure the entire DevSecOps pipeline.
Akto’s solution takes less than a minute to deploy and creates an automatic inventory of APIs that security teams can use to detect PII data breaches and test for misconfigurations during development.
For enterprises, this solution provides a scalable approach to API security, enabling security teams to test 1,000 APIs simultaneously with a single AI engine.
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Get a grip on API security
The announcement comes as more and more organizations struggle to maintain the visibility of their APIs, with research showing that 30% of all malicious attacks target shadow APIs.
As more attackers turn to APIs to gain access to sensitive information, the only way to ensure complete protection is for companies to catalog APIs across the environment and systematically secure them.
“Security teams don’t have [a] continuous inventory of APIs. There is constant back and forth between developers and security teams to have an updated inventory of APIs,” said Alto co-founder Ankita Gupta.
“In most cases, there is no inventory of APIs and security teams try to maintain an Excel list of inventory from memory, meaning they only cover 10-20% of APIs,” Gupta said.
Akto is trying to solve this problem by mirroring customer traffic with AI and Machine Learning (ML) to create a real-time inventory of APIs. At the same time, it also provides a scalable solution for automating API testing for thousands of APIs, enabling security teams to continuously test APIs across the CI/CD pipeline.
A Look at the API Security Market
Akto is just one of many providers operating in the Market for API Managementwhich researchers estimate will grow from $4.5 billion in 2022 to a value of $13.7 billion by 2027.
One of the organization’s main competitors in space is Noname Securitywho raised $135 million in Series C last year financing and achieved a $1 billion valuation for a platform designed to automatically discover and inventory APIs.
Noname Security’s solution can track real-time traffic with AI to detect leaks, policy violations, suspicious behavior, and cyber-attacks that compromise protected information.
Another major competitor is Traceable AI, which provides a platform for discovering and testing APIs with analytics capabilities. Earlier this year, Traceable AI announced it has raised $60 million as part of a Series B funding round.
However, Gupta argues that Akto’s rapid implementation and plug-and-play capabilities set it apart from existing solutions.
“We are the world’s first plug-and-play API security platform. That means it takes just 60 seconds to deploy Akto, and within 2 minutes, security teams can view their API inventory and scan for vulnerabilities,” said Gupta.
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