The Dynamics of a Bug Bounty Platform

A security vulnerability in software, often referred as a bug, is a weakness in software code that arises as a result of unforeseen design decisions or model mathematical inadequacies. It is a security problem that could be used in cyberattacks to gain entry to digitally stored data unless the defect is fixed with a software patch. We found that a growing community of developers can shift the production from inside the company to its ecosystem partners (eg. bug bounty hunters) using a comprehensive framework for code exposure. That is, instead of closed vertical integration, enterprises can opt to innovate utilizing open external contracts. It's preferable if the center of value creation shifts from within the company to outside. Digital commodities, unlike physical items, allow businesses to maximize spillovers. Bug Bounty Programs use crowdsourcing to find bugs. Bug Bounty Programs (BBPs) are becoming standard security practices within enterprises, thanks to the benefits of crowdsourcing flaw and vulnerability management. Bug bounty programs help businesses by enlisting the help of hackers who can find flaws in their software. Because these programs have access to a larger number of hackers or testers, the chances of detecting problems before malicious hackers try to exploit them are higher. It can be a good public relations option for businesses. These programs can also act as a signal to the public and regulators that a company's security program is well-developed. The relevance of these types of programs is expected to grow, as they have become an industry standard that should attract investment from all companies. We evaluate the existing competitors in the market and learn from the case studies accessible while designing our own bug bounty platform. We also look at the Vulnerability Market Mechanism as well as five key aspects of BBP practice: Scoping of BBPs, Timing of Crowd Engagement, Quality of Submission, Researcher-Firm Communication, and Hackers Motivation Management. We examine difficulties in each area and aim to put strategies in place to improve the effectiveness of BBP. This study contributes to research and practice by identifying difficulties and best practices in crowdsourcing information security for rapid vulnerability detection and mitigation.