Why every company needs a Bug Bounty program
New data-driven businesses are growing rapidly, and organizations across all sectors are adopting technological advancements. At the same time, cybercriminals are becoming more sophisticated. Cybercrime rates are increasing, and further growth in these crimes is expected.
Despite the overwhelming variety of cybercrime categories, the perception of the risk itself seems to be at the heart of the problem. Many companies, fascinated by digital technology, estimate the cost of being a victim as low and readily accept the risk. Many view data breaches as just a cost of doing business.
Bug Bounty: benefits and challenges
You might recall the story of Frank Abagnale, probably the most talented fraudster in history, who eventually helped the FBI and other law enforcement agencies uncover fraudulent schemes. The idea is to fight fire with fire: Abagnale knows the psychology of criminals and their "craft" better than anyone.
That’s what a Bug Bounty program is all about: ethical hackers help companies detect vulnerabilities before the bad guys can exploit them. In other words, running a bug bounty program means being proactive and predictive. A bug bounty is an alternative way to spot software and configuration flaws that might be missed by developers and security teams, which could later lead to serious problems.
Unlike traditional penetration testing services, which create a culture of fear and meet compliance requirements, bug bounties foster a culture of openness, transparency, and accountability. Even if your company doesn’t offer a bug bounty program, you need to establish a vulnerability disclosure policy as soon as possible.
Another term for this is responsible disclosure policy: a legal statement that informs ethical hackers that your company will not prosecute them for detecting vulnerabilities in your products. Startups and organizations that have not yet adopted such policies are missing out.
Join the BugHunt platform and start protecting your business today.