What are Bug Bounties? And why are they important?

6 min readSep 12, 2022

Introduction

Bug bounties are an important part of cyber security due to their ability to detect vulnerabilities in websites. The first one ever recorded was in 1983, but they have become more popular since then. There are many reasons why it has gained popularity — not only can you make money by finding bugs, but also companies get better at cybersecurity through these programs as well.

The first one ever recorded was in 1983.

It’s worth noting that the first bug bounty was actually recorded as far back as 1983. It was launched by AT&T, which paid a 14-year-old boy $50 — more than $110 in today’s money — for finding a security flaw in their network.

What is a bug bounty?

When a software is released into the wild, it’s easy to forget that they’re just one piece of a much larger puzzle. Each program has hundreds or thousands of pieces to it, and each piece can potentially be exploited by hackers or malware creators.

Bug bounties are rewards offered to security researchers who find and report bugs or flaws in systems like network infrastructure, web applications and mobile apps. The term bug bounty is a play on the term “bounty hunter” — someone who collects rewards for finding bugs in systems.

Bug bounties began as an incentive program at Netscape Communications Corporation in 1995; today they are used throughout the tech world as well as other industries such as finance and healthcare.

Bug bounties are illegal?

Bug bounties are a legal way to report vulnerabilities in companies’ websites and software. In most countries, they are legal, but there are exceptions. For example, Tunisia has made bug bounties illegal because it can be used as an excuse for hackers to do criminal activities without being prosecuted by the government.

Bug bounties are also illegal in Iran because of its policies against citizens using technology from other countries (such as USA). Many companies use bug bounty hunters like HackerOne or BugCrowd as a cheaper alternative to hiring full-time security researchers

Why are Bug bounty hunter important in Cyber Security?

The Bug bounty hunters are the eyes and ears of companies. They help in finding bugs and vulnerabilities on websites, apps, software and also on hardware. They can help in improving the security of a company as they know how to find bugs in any system.

They are often security researchers, ethical hackers and security professionals who help preventing cyber attacks by finding vulnerabilities in software applications.

What are some skill I need to become a bug bounty hunter?

You need to have programming skills.
You need to understand the software you are testing and its architecture.
You need to be able to follow the rules and guidelines of the program.

You need to be able to identify and report bugs in the software. You need to know how to write clear and concise bug reports that will help developers fix the problem quickly.

Some companies pay as much as $20k for a single bug.

Facebook: The social media giant has paid up to $5,000 for a single bug in 2018.
Google: The tech giant has paid up to $3,133 for a single bug in 2018.
Uber: The ride-hailing platform has paid up to $10,000 for a single bug in 2018.* Netflix: The video streaming platform has paid up to $3,333 for a single bug in 2018.* Twitter: The microblogging site has paid up to $2,500 for one of their bugs since 2016

The average reward for a valid submission is $757 per vulnerability.

The average bounty reward for a valid submission is $757. The average time it takes to find a bug is 4 hours for the researcher and 2 days for the company to process it.

There are many reasons why you might want to get involved in bug bounties! Bug bounties can be fun, rewarding, help improve security, earn money and more!

The US Defense Department paid out over $3 million dollars to hackers working on its bug bounty program since 2016.

The US Defense Department bug bounty program is the largest in the world, with hackers being paid over $3 million since 2016.

There are many benefits for companies to have an active bug bounty program. These include:

Finding bugs before real-world attackers do;
Improving the security of your product or service;
Having external experts review and audit your code; and
Developing a better relationship with your customers.

The average time it takes to find a bug is 4 hours for the researcher and 2 days for the company to process it.

The average time it takes to find a bug is 4 hours for the researcher, but 2 days for companies to process it. It all depends on the bug and the company itself. Some bugs can be found within minutes, while others could take weeks or months before being identified by researchers. This is why many hackers choose to sell their discoveries to interested parties instead of contacting them directly — it’s often faster this way!

There is no limit to the number of bugs you can find in any time frame.

There is no limit to the number of bugs you can find in any time frame. The more bugs you find, the more money you will earn from the bounty program.

You can find a bug in any area of code, such as user interface (UI), application logic and design flaws. You can also find out issues with server-side components and data security vulnerabilities too!

The key here is not only to scan for errors but also identify how these errors could cause loss or compromise sensitive information about users’ accounts or personal information stored on your servers.

Some have received jobs as a result of their contributions over time with record setting wins!

Some bug bounty participants have received jobs as a result of their contributions over time with record setting wins! Bug bounty programs are a great way to get your foot in the door at a company, and get some skills along the way. The best part is that it’s all voluntary for you if you want to participate or not. If you do decide to join, there are many benefits:

You can make some money while doing something fun and interesting
You’ll learn about new products first hand
You’ll meet other people who share your interests while trying out new things

There are many reasons to take part in a bounty program, but getting involved can be beneficial to everyone involved!

You can make money.
You can be recognized by the community and employers.
You can help companies improve their security.
You can learn new things from participating in bug bounties, as well as from other participants and researchers in the industry who share knowledge on social media channels like Twitter and Reddit.
Many bug bounty programs offer rewards for finding vulnerabilities before they are exploited by malicious hackers — so you could even win a reward before anyone else finds it!

Conclusion

Bug bounties are a great way to get involved in the security community and help make your company’s software more secure. It is also a great way for new researchers to get their feet wet with this type of work without having any financial risk associated with submitting false reports! While many people think that bug bounties are only run by large companies like Google or Microsoft, smaller firms can also benefit from having someone on their team dedicated to finding vulnerabilities in their codebase.

Yours Truly,

~ TheBigBadWolf