Bug bounty sometimes called “vulnerability reward program (VRP)” is a monetary reward given to ethical hackers or penetration testers to discover, exploit, and report vulnerabilities in a system or software. It is a program that allows companies to leverage their security posture by crowdsourcing their applications and systems security to the community of cybersecurity professionals around the world.
This strategy is a procedure that organizations establish to hunt bugs in their information systems and rewards those who successfully exploit vulnerabilities. Moreover, the program is commonly practiced and accepted by the ethical hackers and cybersecurity professionals who have various skillsets and expertise. And this gives organizations and businesses a leverage to attract best minds and professionals to identify vulnerabilities instead of relying only on less experienced internal and external security teams.