Risk Associated With Consuming Third-Parties APIs
Third-parties APIs have been used everywhere for the last few years and getting tremendous popularity in enterprises. But did you know consuming third-party APIs can bring forth major risks?
We’ll break down this write-up in few concepts:
- What’s the meaning of the term third-party API?
- First VS third-parties APIs
- Top 6 risks associated with third-party APIs
- Possible ways to minimize these risks in a streamlined manner
What does the third-party APIs term mean?
Managing third-party APIs cost a high fortune which is at times, beyond the budget of companies. Henceforth, they avoid consuming the third-party APIs and emphasis developing their own API platform from India’s no.1 company- DigitalAPICraft. We offer open banking API as well as financial APIs.
First VS third-parties APIs
First-party APIs are the ones developed internally in the company. On the contrary, third-party APIs are developed by another organization that your company might consume. But they’ll always have subscription plans for letting their APIs to utilize by other enterprises for earning purposes.
Undoubtedly, the first & third APIs have pros and cons. However, the first-party API requires your company to create an API platform, giving you complete access over the API lifecycle. On the other hand, third parties don’t ask for API creation from your company, not offering control over the API lifecycle.
In this particular write-up, we’ll dive into the major risk associated with third-party APIs especially in an organization.
Let’s Take a Look at the Risk on the consumption of Third-Party APIs
- Misusage of APIs Leads to high-fortune Unnecessary Charges
The wrong use of API can lead to huge unavoidable expenses. However, if you use a third-party API for downloading images, you will be charged per image download. Your organization needs to pay huge extra charges when you download the same images an infinite number of times. This misuse leads to huge charges which is nothing but wastage. Henceforth, this doesn’t make any sense on being charged for similar images. Isn’t it so? Rather than doing this, We would like to recommend having your own API platform that will save your huge money.
- Lack of Visibility In Consumption of Third-Party APIs
When you consume third-party, your organization will never know who is consuming the APIs and that’s the major problem. This further opens up other several problems for the enterprise like regulatory compliance, personal information security & other technical legal threats.
- No Quality Work as per the term of Services
When an enterprise consumes third-party API, there are probably high chances that companies don’t know whether they are receiving quality services similar to terms of services defined. So, what’s the use of using those API that is not delivering you the premium quality work.
For Instance: The owner of the API platform might have some terms & conditions for which they allow you access. These regulations may not match the personal information in relation to an organization. Therefore, managing the third-parties APIs become more burdensome & complicated. If you want to enjoy high-quality API integration, DigitalAPICraft is the best platform for that allowing you to build your own API as per your requirements.
The Best Methods to Reduce the Risk of Third-Party APIs
- Minimize the Cost By Doing In-depth API Consumption Analysis
When you do the API leads analysis and get your hands on API analytics, you can measure the success of your business programs. This further enables you to get insights on API consumption to minimize the costings. With DigitalAPICraft, you will be able to track the consumption of the API. We have the API analytics tool that helps you to use the APIs at less cost accordingly.
- Transparency & Visibility into API Consumption
The API integration is meant for that business that wants in-depth visibility about the API consumption. With this, you will come to know the consumption of APIs and can easily protect your enterprise. However, there are employees who try to expose the enterprise credentials inadvertently. Additionally, you have access to real-time system analytics, alert management enabling full control in your hands. In this manner, you’ll come to know the API consumers & their effects on compliance & security in a hassle-free manner.
- Applying Security Control Reduces Risk
Applying security control in your API gateways means it will protect your system helping you to avoid misuse. Let’s understand this with an example- In several organizations, it has been noticed that the same image is being downloaded multiple times. Isn’t it so? Therefore, by moving to DigitalAPICraft, you can avoid all the misuse and extra charges like a cakewalk. The API gateway of DigitalAPICraft allows you to have complete control over your application programming interface.
After integration of API when you download the image, it will take directly get downloaded to your system only if that image does not exist in your system. In simple words, API software helps you to avoid downloading duplicate images. Isn’t that great?
Manage Your Third-Parties APIs With DigitalAPICraft
In order to move forward, enterprises will need to leverage third-parties API. But this risk can be avoided & maximize benefits by using the DigitalAPICraft platform. We assure you robust, customized, and affordable API platform that will take your business to the next level. For more information, you can contact our sales team and get more insights into our services.