4 myths surrounding Bug Bounty platforms

Cybersecurity attacks continue to rise not only in numbers but also in sophistication and complexity. A data breach that violates the LGPD can result in fines ranging from 2% of gross revenue up to R$ 50 million (per infraction). Understandably, 40% of CEOs are very nervous about being the next victim of a hacker attack, according to a PWC report titled CEO Survey Report.

Ethical hacking paved the way for so-called bug bounties, as companies of all sizes have turned to crowdsourcing in an attempt to combat hackers. Public bug bounty programs are widely used to enhance security defenses and mitigate vulnerabilities. Some companies even challenge hackers to find a bug on their website.

The only certainty is that security teams have limited resources, while hackers do not. As for bug bounty platforms, there are many myths and misconceptions that need to be cleared up.

1. Bug Bounty Programs Need to Be Public

Tech giants like Google, Facebook, and Microsoft are often credited with revolutionizing application security with public bug bounty programs. But attitudes and approaches have evolved over the years. Contrary to popular belief, most bug bounty programs are actually private. For instance, 90% of BugHunt programs consist of invite-only bug bounty initiatives.

Today, most organizations prefer the security and anonymity of a private program, where they can manage the vulnerability handling process. Instead of the noisy and inviting approach of inviting the world to hack your business, private models offer a more sensible entry point to try a bug bounty program for the first time.

A smaller group of qualified individuals can be invited based on their experience, specialized skills, and location. This much more discreet option is usually completed with little fuss or external recognition. For many companies, ethical hacking is a journey, not a destination. Public bug bounty programs also bring huge additional benefits, but they are rarely the first step for an organization.

2. Bug Bounties Are Only for Tech Companies

It’s true that the largest tech companies helped popularize the bug bounty model. However, there is an argument that every company is a tech company in today’s increasingly digital world, where remote work has become the new normal. As a result of these changes, the model has evolved to also fit traditional organizations and industries.

Companies across all sectors are participating in bug bounty programs. Traditional organizations, from financial services to government entities, have engaged in private programs in recent years.

It would be unwise, at best, for traditional industries to immediately expose their vulnerabilities in a virtual public arena. Once again, private bug bounty programs offer a favorable and competitive scenario but in a much more controlled environment.

3. Trusting Hackers Is a Risky Business

The prospect of inviting hackers to explore vulnerabilities in your business might seem daunting. Why would you risk inviting problems into your company? But there is a counter-argument that burying your head in the sand is possibly the worst thing you can do. Security is a journey, not a destination, and accountability is possibly one of your greatest weapons against the bad guys.

We know for certain that vulnerabilities, risks, and hacks continue to rise. Continually updating policies, procedures, and security awareness programs is critical. When tasked with reducing risk in an organization, the online vulnerability far outweighs the dangers of being associated with running a bug bounty program.

Security research should be seen as an opportunity to unlock valuable insights, daring to explore unknown vulnerabilities. It’s time to discard the outdated concept of hooded hackers and unfounded paranoia. In a controlled environment, these modern security experts can assist your organization by fixing flaws and reducing risks rather than causing them.

4. Bug Bounty Replaces Pen Testing

It’s true that internal testing alone isn’t the answer. Unfortunately, there is no silver bullet or out-of-the-box solution. But every company will require a broad range of tools at its disposal. Traditionally, a company turns to pentesting and automated vulnerability checks for a fixed fee, which needs to be paid even if no vulnerabilities are detected.

On the other hand, bug bounty programs generally reward ethical hackers only if they find relevant vulnerabilities. Companies will precisely determine what ethical hackers will test and how much they will pay for discovering security flaws. Many will see this as a much more cost-effective solution.

The reality is that neither pentesting nor bug bounty programs have the power to uncover all potential risks and vulnerabilities. Together, they can complement each other as part of a unified cybersecurity approach, focused on risk reduction and eliminating security flaws.

Rewarding a crowdsourcing team for finding security flaws will likely require you to update your corporate mindset. But having a group of hackers working on your behalf, rather than against you, can create more opportunities to enhance your security and reduce risk in a more proactive approach against the real bad guys.

Have any questions? Contact our team and start your program with BugHunt today!