Bug Bounty: What It Is and Its Importance for Cybersecurity
Cybersecurity is a highly discussed topic today among companies, institutions, and even government sectors. This concern arises from a scenario in which cybercrimes increase each year. In this context, Bug Bounty programs were created.
Their main goal is the early identification of security vulnerabilities in company systems. This allows for the reduction of risks and helps prevent businesses from being impacted by the actions of malicious agents.
Thus, in this content, we will cover the characteristics of Bug Bounty programs, their advantages, and reasons why your company should invest in this type of information security method. Check it out!
Global Cybersecurity Landscape
Before understanding the importance and advantages of Bug Bounty programs for your company’s security, it is essential to analyze the current moment society is experiencing, characterized by rapid technological and digital evolution.
The Increase in Cyberattacks Linked to Remote Work
Due primarily to the Covid-19 pandemic that began in 2020, social isolation became a reality for much of the world.
As a result, there was a significant increase in companies and institutions adopting a hybrid or fully remote work model.
However, one of the key findings during this period was that remote work proved to be much more efficient and cost-effective for some companies, which, even during the "reopening" phase, chose to keep their employees working from home.
Naturally, with the increase in digital activity—where customer, employee, and company data circulates through more online environments—there was also a rise in cyberattacks targeting the networks of various businesses.
What is Bug Bounty?
Bug Bounty programs apply the principle of crowdsourcing to cybersecurity.
The goal of Bug Bounty is to conduct tests on company systems to identify potential vulnerabilities in advance. This is achieved by incentivizing security specialists, known as ethical hackers, who are rewarded based on the flaws they discover.
The strategy significantly reduces the risk of cyberattacks and prevents companies from being impacted by malicious agents.
With an active Bug Bounty program, companies have multiple specialists simultaneously assessing the reliability and security of their services by testing their applications.
All of this is done in exchange for rewards. Specialists are compensated when they find vulnerabilities, with the reward amount based on the level of severity of the flaw, meaning the real impact of these problems on the business.
Bug Bounty Around the World
Currently, the United States leads in the number of Bug Bounty programs and consequently shows the most significant investment in this method. India ranks second, followed by Trinidad and Tobago in third place.
The top country in Bug Bounty, the U.S., even has records of government-led investments. In 2016, U.S. federal authorities launched their first Bug Bounty program, called “Hack the Pentagon.”
Over approximately one month, Hack the Pentagon, under the U.S. Department of Defense, received 138 valid reports and awarded $71,200 in rewards to over 1,400 participating specialists.