According to Accenture, cybercrime could cost banks an estimated $350 billion in the next five years. Gartner, the world’s leading research and advisory company, estimates that “by 2021, 90% of web-enabled applications will have more surface area for attack in the form of exposed APIs rather than the UI, up from 40% in 2019” and “by 2022, API abuses will move from an infrequent to the most-frequent attack vector, resulting in data breaches for enterprise web applications.”* By nature, APIs expose application logic and sensitive data such as Personally Identifiable Information (PII), which is why they have become a prime target for cybercriminals and why protecting APIs has become increasingly important.
*Gartner “API Security: What You Need to Do to Protect Your APIs,” Mark O’Neill, et al, 28 August 2019
OmniAlert provides an additional layer of cybersecurity to NXTsoft’s secure APIs, reporting anomalies and suspicious activities so that immediate action can be taken. OmniAlert’s state-of-the-art technology is complemented with a 24/7, U.S.-based Security Operation Center (SOC) to ensure that financial institutions experience safer networks, earlier detection of intrusion and relevant and specific threat intelligence.
NXTsoft is the market leader in API connectivity, connecting Fintech companies to banks and credit unions throughout the United States. We have over 25 years’ experience developing API connectivity for Fintech companies and financial institutions and a strong background in cybersecurity for businesses of all types. OmniAlert connects our comprehensive knowledge with the market’s increased reliance on APIs and their attractiveness as entry points to cybercriminals.