Why a Bug Bounty program on BugHunt might be your best investment

Several companies have fallen victim to cyberattacks this year as malicious hackers become increasingly sophisticated. The COVID-19 pandemic has also led to a rise in cybercrimes, with criminals seizing opportunities to exploit the crisis and adapting their tactics accordingly.

These attacks can have a lasting impact on the privacy of confidential data, particularly concerning the General Data Protection Law (LGPD), and can damage the company's brand reputation. This does not even include the cost of legal actions, fines, and future value of the company.

An example is the British Airways data breach, where the Information Commissioner’s Office (ICO) imposed a £183 million fine for the data breach of 500,000 passengers in 2018. [1]

According to studies by the American bug bounty platform, h1, it was estimated that if the vulnerability had been identified and responsibly disclosed by experts as part of a bug bounty program, British Airways would have paid collectively between $3,000 and $10,000 based on average bug bounty reward prices. [2]

By implementing bug bounty programs, it's possible to address many more vulnerabilities than through pentests with defined scopes and smaller teams, thus avoiding paths to potentially harmful cyberattacks.

Creating a bug bounty program allows your company to act proactively, swiftly, collaboratively, and continuously. In this model, your systems will be tested 24/7 by the most up-to-date experts in the field.

These programs not only strengthen company security but also motivate experts to practice and compete with their skills "for good," making the internet safer while being rewarded for their work.

For every program created, the BugHunt team is available to assist in its design, including defining rules, scope, and suggesting reward ranges. Defining the program's scope is essential and should be regularly updated and adjusted.

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