t cht lk
t cht lk
As insurers prioritize agility and faster time to value from their services , they will reduce complex , multiyear transformation projects , increase the creation of application programming interfaces ( APIs ) and microservices , as well as eliminate complex business rules by building an abstraction layer ( acts as a bridge separating different levels of functionality ) around legacy backends . Legacy systems often involve outdated database management systems , programming languages , and APIs that make it difficult to improve and integrate new components .
Insurers hold a large amount of personal , financial , and transactional data about their customers , which is very attractive to cybercrime .
Total insurance premiums in Latin America are forecast to grow by 3.8 % in real terms in 2025 – a slowdown from the 7.6 % estimated in 2024 .
In the coming years , insurance premium earnings will continue to outpace economic growth in Latin America , as seen over the past two decades .
Palacios said that as the insurance sector moves towards its technological modernization , the rise of APIs also increases , since thanks to them insurers can update their legacy computer systems efficiently and cost-effectively . APIs allow this industry to react quickly to new opportunities or competition without overloading its core systems .
However , estimates show that protection gaps remain large in the region , totaling $ 151 billion in premium equivalent terms in 2023 .
Akamai ’ s 2024 API Security Impact Study cites that 108 billion API attacks were recorded from January 2023 to June 2024 .
“ APIs help enable that business growth as a connective tissue that drives digital transformation . Adoption is widespread , with enterprises continually opening up access to APIs to more partners , apps , mobile apps , and IoT devices . But how are organizations expected to protect this ever-changing set of APIs ?”
Over the past three years , the number of organizations that have experienced API security incidents has steadily increased , peaking at 84 % in 2024 .
It is estimated that every time an API is attacked , an average of 10 times more sensitive data is leaked
64 INTELLIGENTCIO LATAM www . intelligentcio . com