A bug bounty is an opportunity given to ethical hackers for discovering vulnerabilities and bugs for an organization's website or application. This open opportunity program often proves beneficial for both parties. It allows the company or organization to improve the security of their systems over time while providing incentives to the hacker community.
Ethical hackers all around the world hunt bugs in exchange for an income stream, providing financial freedom. This bounty program attracts ethical hackers with varying skill sets, which is proven to be an advantage to the company.
This allows developers to discover and resolve bugs before the general public becomes aware of the vulnerabilities, preventing disastrous events from happening. The bug bounty program has been implemented by several large organizations.
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