How can you ensure the security of APIs in a banking application?

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To ensure API security in a banking application, follow these practices:

Authentication and Authorization

• Use OAuth2: Implement OAuth2 for secure token-based authentication.
• Role-based Access Control (RBAC): Ensure users have appropriate permissions.

Data Encryption

• HTTPS: Use HTTPS to encrypt data in transit.
• Encryption at Rest: Encrypt sensitive data stored in databases.

Input Validation and Sanitization

• Validate Inputs: Ensure all inputs are validated to prevent injection attacks.
• Sanitize Inputs: Sanitize inputs to remove any potentially harmful data.

Rate Limiting and Throttling

• Rate Limiting: Implement rate limiting to prevent abuse and DDoS attacks.
• Throttling: Use throttling to control the number of requests from users.

Logging and Monitoring

• Log Activities: Log all API activities for auditing and monitoring.
• Monitor Traffic: Use monitoring tools to detect and respond to suspicious activities.

Additional Security Measures

• API Gateway: Use an API gateway to manage and secure API traffic.
• Regular Security Audits: Conduct regular security audits and vulnerability assessments.

Common Pitfalls to Avoid:

• Hardcoding Secrets: Never hardcode API keys or secrets in your code.
• Ignoring Error Handling: Properly handle errors to avoid leaking sensitive information.