3 Reasons Why Your Company Should Invest in Bug Bounty Programs for Cybersecurity
The Crowdsourced Cybersecurity with Bug Bounty Programs is an innovative and effective approach to protect organizations. There are 3 main reasons why companies should adopt this model.
Corporate cyber risk is a scary prospect for any business in the digital age. With billions of connected devices and data being stored on the cloud, companies are increasingly at risk from malicious cyber threats.
But how can you protect your company from these risks without breaking the bank? Bug Bounty Programs are an effective way for organizations to mitigate risk and safeguard against cyberattacks.
These programs are usually managed through dedicated websites, where researchers can register and report findings. While it used to be the case that companies would pay a one-off bounty for the discovery of a single bug, this is no longer the case.
Bug Bounty Programs come in different flavors, with some offering a lump-sum payment for any critical vulnerabilities. Others, however, choose to offer a more structured incentive system, whereby researchers are paid a Bounty for each bug they find, with a bonus for any critical flaws.
Reason 1: It’s a fast, effective and sustainable way to find security flaws.
One of the best ways for attackers to find out about your company’s vulnerabilities is to find out about your company. This means that Malicious Hackers are likely to try and infiltrate your organization to discover any weaknesses in your defenses before launching an attack.
However, your organization might not even know that it has been infiltrated. This means that attackers could have been rummaging through your data and systems for months before they are discovered.
In extreme cases, attackers could have made off with data or caused serious damage without you even realizing it was happening.
With a Bug Bounty Program, you can actively invite Ethical Hackers to try and break into your systems so that you can find out about any vulnerabilities at the earliest opportunity. And by doing this, you can prevent your organization from becoming the next headline.
As opposed to discovering vulnerabilities through external attacks, a Bug Bounty Program lets you invite Ethical Hackers to come to you. By actively inviting Ethical Hackers to try and break into your systems, you’ll be able to identify any weaknesses much sooner.
These weaknesses could include:
Missing security patches for out-of-date software,
A lack of encryption in sensitive data,
Issues with passwords and login credentials,
Vulnerabilities in third-party services.
Reason 2: by inviting Ethical Hackers to test your systems, you’ll find out what could go wrong.
One of the best ways to identify possible threats to your business is to look at what has happened to other companies. This means that by studying cyberattacks that have been reported against other organizations, you’ll be able to get an insight into how your business could be targeted.
However, by reading about other companies’ cyberattacks, you’ll be limited to the information that has been made public. This means that while you’ll be able to learn about the issues that have affected other organizations, you won’t be able to find out about any vulnerabilities that haven’t been made public.
By inviting Ethical Hackers to test your systems, you’ll be able to find out about any vulnerabilities before they have been made public. This means that you’ll be able to take swift action to fix any issues before Malicious Hackers have a chance to exploit them.
As opposed to learning about issues after they have been made public, you will be able to take immediate action to fix any issues. This means that you’ll be able to significantly reduce your risk of cyberattacks
Reason 3: by fixing the identified bugs, you can reduce your risk of cyberattacks.
One of the biggest risks of Bug bountyPrograms is that hackers could find vulnerabilities in your systems and exploit them without telling you. By inviting hackers to test your systems, you’ll be inviting them to find and exploit any weaknesses they come across. However, by offering a reward, you can incentivize researchers to report all the vulnerabilities that they have found.
By fixing the vulnerabilities that have been reported to you, you can significantly reduce your risk of cyberattacks. By notifying Ethical Hackers that you have fixed the issues, you’ll be putting off potential attackers.
So, why sould you invest in Bug Bounty Programs?
Bug Bounty Programs allow you to actively invite Ethical Hackers to try and break into your systems. This means that you will be able to identify any weaknesses in your defenses much sooner.
As opposed to discovering vulnerabilities through external attacks, Bug Bounty Programs let you invite Ethical Hackers to come to you. By inviting them to test your systems, you’ll be able to find out what could go wrong. By fixing the identified bugs, you can reduce your risk of cyberattacks. By investing in Bug Bounty Programs, you’ll be able to mitigate your risk while saving money on cybersecurity services.