According to a report by research firm Gartner, application programming interface (API) will become the top attack vector for web applications in 2022. API is a software intermediary that allows two applications to talk to each other. In an attempt to exploit system vulnerabilities, hackers would usually use numerous attack vectors such as APIs to launch cyberattacks aimed at taking advantage of system weaknesses.
These attacks can often cause a data breach that allows hackers to illegally access a network or computer and steal login credentials.
To address this scenario, Tonik, the Philippines’ first neobank, has taken a proactive approach to protecting both the bank and its customers. It has selected the Noname Security platform to enhance protection for a critical component of cybersecurity in its internet-connected systems.
Noname Security is the only company taking a complete, proactive approach to API Security. It offers a complete security platform that has been designed and tested to help safeguard a critical component of any organization’s digital platform.
Revolutionizing the way money works in SEA
As Tonik seeks to address new retail lending opportunities and revolutionize the way money works in Southeast Asia, the neobank has also incorporated robust cybersecurity measures in its digital efforts, which have since accelerated during the pandemic.
Its selection of Noname API Security Platform will provide Tonik with a means to validate the health of all the APIs that it uses.
With the new platform, the neobank can now have a complete, real-time inventory and actively monitor its APIs more efficiently. Noname Security will enable the bank to actively test its APIs before production so that it can identify potential flaws in its software development life cycle. It will also be able to readily discover and analyze legacy and dormant APIs.
According to Arivuvel Ramu, Group Chief Technology Officer of Tonik, Noname Security was chosen for its ease of use, Software-as-a-Service (SaaS) licensing model, non-intrusiveness, and the ability to integrate with the bank’s back-end workflow solution.
“We have chosen the Noname API Security Platform after a proof-of-value test and we are happy that it meets our expectations of a top-notch API security solution,” he said. “It is a priority for us to ensure that APIs deliver the performance and security required for compliance as well as a great digital experience for consumers.”
For his part, PK Lim, Vice President for Sales – Asia Pacific at Noname Security, said, “We are pleased that Tonik has placed its trust in our expertise and experience to help secure an important component of their digital business. With automated and dynamic tests built into API development, enterprises like Tonik can now more effectively resolve any security issues before they take root.”
About Tonik
Tonik (www.tonikbank.com) is the first digital-only neobank in the Philippines, providing loan, deposit, payment, and card products to consumers on a highly secure digital banking platform. The neobank operates on the basis of the first private digital bank license issued by the Bangko Sentral ng Pilipinas. Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across the global emerging markets. It is backed by top international venture capital funds. Tonik operates out of hubs in Singapore (HQ), Manila, Chennai, and Kyiv.