As many as 8 out of 10 financial services firms in the UK have suffered an API security incident in the last 12 months, according to a recent report.

The annual API security report conducted by US-based Noname Security found that 85% of UK businesses have reported a security incident, a 10.6% increase from the previous year.

Application programming interfaces, or APIs, have become a common feature in financial services markets to connect web-based apps with core banking systems and legacy infrastructures.

In light of the rising security incidents, 84% of UK financial services firms have stated that API security is more of a priority.

Interestingly, the survey also found an increased level of confidence in API security tools and software over the last 12 months – 94% of respondents said they were confident that their security tools were capable of testing APIs for security vulnerabilities, compared to 61% of the previous year.

“The continuing increase in reported API security incidents over the last two years demonstrates that this is not a fleeting trend but a pressing reality that organisations must deal with and prioritise,” said Noname Security CTO and co-founder Shay Levi.

“APIs are indispensable in today’s modern environment. But everyone is worried about ransomware, phishing attacks, and data breaches. This research validates why security leaders must continue to prioritise API security.”

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