Clement Brako Akomea Table of Contents
The surge in API attacks on the Indian banking sector shows a growing cybersecurity challenge for South Asia’s third-largest economy.
According to a quarterly report by Indusface, API-based attacks have risen dramatically, with denial-of-service (DoS) and bot-driven intrusions targeting banking, utilities, and other critical sectors.
This rapid growth underscores the urgent need for businesses to bolster their API security measures amidst a rapidly digitizing economy.
India faced nearly 1.2 billion cyberattacks in Q3 2024, a staggering 92% increase compared to the same period in 2023, emphasizing the rising threat to its organizations.
Key Takeaway to Surge in API Attacks on Indian Banking Sector
- Organizations in India must prioritize API security to combat the rising wave of attacks targeting vulnerabilities in critical sectors.
API Attacks on the Rise in India
India has seen an alarming surge in API attacks, with incidents jumping 30 times compared to traditional web asset breaches.
According to Indusface’s Q3 2024 “State of Application Security” report, these attacks are largely fueled by advanced bots, denial-of-service (DoS) campaigns, and vulnerability exploits.
Indian organizations endured approximately 1.2 billion cyberattacks in Q3 2024, doubling the 600 million attacks recorded in the same quarter the previous year. These figures highlight the growing interest of attackers in exploiting the country’s increasingly digital landscape.
Here are some of the key findings from the report:
| Key Findings | Details |
|---|---|
| Total Attacks Blocked | Over 2.37 billion attacks were blocked from 1st April 2024 to 30th June 2024. |
| Average Attacks per Website | 960K attacks were blocked per website on average. |
| Growth in Cyberattacks | Cyberattacks grew by 105% in Q2 2024 compared to Q2 2023. |
| Increase in Bot Attacks | Bot attacks rose by 213% in Q2 2024 compared to Q2 2023, totaling 276+ million attacks. |
| DDoS Attacks | 835+ million DDoS attacks occurred in Q2 2024. |
| DDoS and Bot Attack Impact | – 6 out of 10 sites witnessed a DDoS attack.- 9 out of 10 sites witnessed a bot attack. |
| Critical Vulnerabilities Found | 25K critical and high vulnerabilities were found; 31% remained open for over 180 days. |
| Attack Growth on Vulnerabilities | Attacks on vulnerabilities grew by 1,200% in Q2 2024 compared to Q2 2023. |
| India-Specific Cyberattack Growth | Cyberattacks in India increased by 115% in Q2 2024 compared to Q2 2023. |
| Impact of Managed WAAP | 59% of attacks were blocked using application-specific virtual patches and security policies. |
| SMB Targeting | SMBs globally faced over 559 million attacks across a sample of 500 websites in Q2 2024. |
| DDoS as a Leading Attack Vector | Each website/app saw 124% more DDoS attacks compared to enterprise apps, highlighting SMB vulnerabilities. |
| Power and Energy Sector | Faced 25 times higher attacks than the industry average due to less stringent regulations. |
| SQL Injection in Critical Sectors | SQL injection was the top vulnerability in Banking, Financial Services, Insurance, Healthcare, and Retail sectors. |
| Bot Attacks in Financial Sectors | Banking, Financial Services, and Insurance sectors witnessed 45%-60% higher bot attacks. |
| Cross-Site Scripting (XSS) in Manufacturing | Manufacturing industries faced 10X higher XSS attacks compared to other industries. |
Industries Most Impacted
The financial services sector, including banks and insurance companies, witnessed double the global average of API attacks, while the power and energy sectors saw four times as many attacks per website.
The rising frequency of attacks is attributed to both geopolitical motivations and the accessibility of hacking tools enabled by AI advancements.
Attack Patterns and Vulnerabilities
Common Attack Vectors
| Attack Type | Description |
|---|---|
| Denial-of-Service | High-volume requests overwhelm servers, rendering API services inaccessible. |
| Bot-Based Exploits | Automated bots attempt unauthorized access to web servers and APIs. |
| SQL Injection | Exploits database queries to retrieve or alter sensitive data. |
| Server-Side Request Forgery | Tricks the server into making unauthorized requests on behalf of the attacker. |
A significant portion of these attacks leverages large language models (LLMs) like ChatGPT, which enable even novice hackers to deploy scripts for exploiting vulnerabilities such as SQL injections.
API Security Challenges
Despite the surge in threats, Indian businesses are underprepared. Indusface reports:
| Issue | Statistics |
|---|---|
| Companies with automated API scanners | 19% |
| Companies relying on manual testing | 45% |
| Companies not testing APIs at all | 36% |
Additionally, over 30% of critical vulnerabilities in API services remain unpatched for more than six months. Security misconfigurations and authentication failures rank as the top vulnerabilities, making these systems easy targets for cybercriminals.
AI-Driven Attacks: A New Threat
The growing accessibility of AI tools has significantly lowered barriers for cybercriminals. Automated tools powered by LLMs can generate malicious scripts with minimal expertise, accelerating the rate of vulnerability exploitation.
Cybersecurity in Focus
India’s economic growth has also made it a prime target for hackers.
The Reserve Bank of India (RBI) recently warned organizations about the risks associated with digitization. In PwC’s 2025 Global Digital Trust Insights, 61% of Indian executives ranked cybersecurity among their top three priorities, reflecting the urgent need for defensive measures.
Key recommendations for businesses include:
- Frequent API Testing: Use automated tools to identify and patch vulnerabilities.
- AI-Based Defenses: Leverage AI to detect and mitigate bot-driven attacks.
- Incident Response Plans: Establish robust mechanisms for immediate threat containment.
About Indusface
Indusface is a managed application security provider specializing in Web Application and API Protection (WAAP) solutions. Their services are designed to protect businesses from emerging cyber threats by offering comprehensive testing, monitoring, and security solutions.
Rounding Up
The surge in API attacks on the Indian banking sector is a wake-up call for organizations to fortify their defenses.
With vulnerabilities escalating in critical industries, immediate action is necessary to protect sensitive data and maintain operational integrity.
By investing in modern API security solutions and adopting proactive measures, Indian businesses can effectively counteract the rising tide of cyberattacks.
FAQs
What is causing the rise in API attacks in India?
- Increased digitization and the use of AI-powered tools by attackers have contributed to the rise.
Which industries are most affected?
- Banking, financial services, insurance, and utilities are the hardest hit.
What are common vulnerabilities in APIs?
- Security misconfigurations, authentication failures, and unpatched vulnerabilities are common issues.
How can organizations protect their APIs?
- Use automated scanners, implement IP whitelisting, and ensure timely patching of vulnerabilities.
What role does AI play in cyberattacks?
- AI tools enable attackers to create sophisticated scripts and automate exploitative activities, increasing attack frequency.
