Akamai to Buy Startup Neosec for API Detection and Response
Neosec is a startup that focuses on API detection and response. Akamai Technologies, a top provider of cloud services for delivering, improving, and securing online content and applications, has announced its intention to purchase Neosec. This action is anticipated to aid Akamai in developing its cloud security capabilities and offer clients better defence against API-based threats.
Application programming interfaces, or APIs, are a collection of tools and protocols that enable communication between various software programmes. They are a crucial part of contemporary web applications, and organisations frequently rely on them to allow data sharing and collaboration between various systems. But hackers can also take advantage of APIs to access private information without authorization or perform other nefarious deeds.
Customers can quickly identify and counteract attacks based on APIs thanks to Neosec’s API security technology. To detect anomalous API behaviour and automatically deny suspicious requests to stop attacks, the platform uses machine learning algorithms. With this acquisition, Akamai hopes to fully defend its clients from API-based assaults by incorporating Neosec’s technology into its own cloud security products.
According to Akamai CEO Tom Leighton, “APIs are a critical component of modern web applications, and their security is paramount to the success of our customers’ businesses.” We will be able to offer our customers even greater protection against API-based assaults and assist them in staying ahead of evolving threats thanks to the integration of Neosec’s technology. Subject to regulatory clearances and other customary closing conditions, the transaction is anticipated to close in the second quarter of 2023. The transaction’s financial information has not been made public.
The API security market is expected to grow rapidly in the coming years as more businesses move their applications to the cloud and rely on APIs for data sharing and collaboration. According to a report by MarketStand Markets, the global API security market is expected to grow from $1.9 billion in 2020 to $5.9 billion by 2025, at a compound annual growth rate of 25.1%.
Akamai’s acquisition of Neosec is a strategic move that positions the company well to capitalise on this growing market and provide customers with best-in-class API security solutions. With the integration of Neosec’s technology, Akamai is poised to deliver enhanced protection against API-based attacks and help customers stay ahead of evolving threats in the rapidly changing cybersecurity landscape.
Author: Jasmine Sahoo