Bug bounty programs (BBPs) are programs under which organizations compensate people, who are popularly referred to as ethical hackers, with rewards when they find and report security vulnerabilities in their system. The programs leverage external security researchers to strengthen defenses against cyber attacks.

Literature review conclusions:

Literature identifies that BBPs present a cost-effective approach by which organizations are made competent to detect and address vulnerabilities. Organizations are able to draw on a heterogeneous talent pool with less overhead costs associated with scaling internal assets with crowdsourced security testing. Issues with duplicate submission, quality of submission, as well as optimizing proper reward mechanisms, are, however, identified. Also, quality of BBPs relies on an organization’s ability to establish trust and cooperation among the hacking community.

Discussions of Findings:

The end results are that while BBPs can add significantly to an organization’s security posture, their effectiveness depends on their deployment strategy. Well-defined program scope communicated, speedy response to submissions, and commensurate reward of disclosed vulnerabilities take precedence. Second, placing BBPs in a well-thought-out security strategy, as opposed to their deployment as standalone initiatives, becomes pivotal to unlocking their full potential.

Lastly, BBPs are a win-win partnership between firms and global hacking groups with each contributing something in turn if performed with consideration. They symbolize a new direction towards security with financial reward shared towards a more secure world we all desire to inhabit.