Bug bounty policies are an intriguing concept where companies reward ethical hackers for identifying vulnerabilities in their systems. This approach taps into the wider security expertise of the hacker community, aligning with a social science perspective on collaboration. Traditionally, companies relied on internal teams for security, potentially missing out on broader knowledge. Bug bounties offer a cost-effective way to improve security because mitigating discovered vulnerabilities is cheaper than dealing with a major breach. Companies experiment with various bug bounty models – public, private, ongoing, or time-limited – to suit their needs. Bug bounty programs have led to uncovering critical security flaws. However, legal issues exist regarding unintended damage caused during vulnerability testing. Building trust with the ethical hacker community is crucial, and bounties need to be competitive to attract top talent. Bug bounties seem like a practical way to enhance cybersecurity. However, establishing a clear framework is essential. Social science plays a vital role in understanding aspects like:

• Fair Incentive Setting: How do we determine fair compensation for bug reports?
• Security vs. Competition: Do bug bounties truly improve security, or is it just a competition to out-pay malicious actors?
• Unintended Social Consequences: Are there unforeseen social implications of bug bounties?

Bug bounty policies offer a promising approach to improving cybersecurity by leveraging the expertise of ethical hackers. However, it’s crucial to address the legal uncertainties and build trust within the ethical hacker community. Additionally, a social science perspective is essential to understand how best to implement these policies for a more secure and responsible digital ecosystem.