When a company rewards individuals like ethical hackers or security disorders external to their work to identify and report vulnerabilities within its system applications or network, it is referred to as a bounty program. Companies benefit from this proactive approach. This article discusses how it benefits a company.
1. Enhanced security
Due to the early detection of vulnerabilities by hiring ethical hackers, companies can identify security gaps before attackers exploit them. A comprehensive coverage of multiple issues that the internal team might overlook is examined by external individuals uncovering major issues. The bounty program is a continuous testing process ensuring ongoing improvement of their security.
2. Cost-effectiveness
Hiring a full-time ethical hacker can cost a lot of money whereas hiring for confirmed vulnerabilities makes it cheaper. Companies save money associated with data breaches and save money from fines, lawsuits, and reputation damage due to bounty programs.
3. Faster issues resolution
Hiring external experts on the issues can help companies resolve the issue faster as the researchers are incentivized with monetary rewards. Also, working with ethical hackers uplifts collaborative effort in problem-solving.
4. Improved brand reputation
Due to boundary programs companies can guarantee the safety and data protection of their costumes showing that the company is committed to their security, eventually building trust and transparency among customer collaborators and stakeholders.
5. Access to a diverse talent pool
bounty program can help you hire security experts from around the world, bringing diverse and skilled people with different perspectives. Having external researchers also lets you uncover vulnerabilities as they work uniquely in an innovative approach.
6. Regulatory compliance
Companies within industries where the data security of an individual or customer is prioritized as per law require a strict security safeguard. With bounty programs, companies can adhere to security standards and comply with the laws set by the industry.
7. Knowledge sharing
Having an open environment to learn can make learning easier, by hiring an external team to resolve the issues of the company security the internal team can learn new ways to attack and mitigate vectors.
A bounty program is beneficial to companies and can give them a sense of safety. To have a successful bounty program make sure that you have outlined the systems, scopes, and issues that are to be resolved. You can collaborate with different platforms like HakerOne, or bugcrowd.
Giving a competitive monetary reward can also help you track skilled participants who will work faster for your company.