Back in the Old West, sheriffs tacked up parchment "Wanted" posters offering cash bounties to help them catch lawless gunslingers like Billy the Kid and Butch Cassidy. Today, corporations and governments are paying high-dollar bounties to combat a new generation of Billy the Bots and Breach Cassidys on a far more expansive frontier — cyberspace.

These anonymous, modern-day outlaws hide behind the nicknames of the viruses they unleash on a wide range of targets, destructive malware with monikers like WannaCry and NotPetya. With so much at stake — the fast-growing cybercrime epidemic is projected to cost the world $6 trillion a year by 2021, according to Cybersecurity Ventures; these so-called "bug bounty" programs are now an essential strategy in keeping the digital desperados at bay.

Crucial to Cybersecurity Defense
Each day seems to bring new reports of unscrupulous hackers breaking into public and private sector computer systems, stealing sensitive data, compromising people's privacy, and using ransomware to extort billions from victims across the globe. High-profile victims include Target, Uber, Anthem, Equifax, the FBI, and the National Security Administration.

Also toiling behind the scenes at keyboards far and wide, a legion of super-skilled white-hat hackers is sneaking into computer systems with an entirely different motive — keeping the world safer from their black-hat counterparts. This tendency to depict villains in black hats and heroes in white may be inspired by the old cowboy movies, but today it is integral to how we talk about the ongoing war on cybercrime.

Of course, the modern bug bounty is not a pouch of gold but substantial, sometimes six-figure cash rewards paid out to hackers who discover flaws and vulnerabilities in cybersecurity defenses. Though their work is largely out of the public eye, the white-hat specialists who participate in bug bounty programs are at the forefront of our cybersecurity defense system.

GM Calls Bug Bounties an "Essential Part of Our Security Ecosystem"
Like most major companies and organizations today, General Motors uses hackers and bug bounties to enhance its security. In 2016, GM began working with HackerOne, one of the leading bug bounty platforms, and since then more than 500 hackers have helped solve over 700 vulnerabilities. "Hackers have become an essential part of our security ecosystem," says Jeffrey Massimilla, vice president of global cybersecurity at General Motors.

According to HackerOne, "We partner with the global hacker community to surface the most relevant security issues of our customers before they can be exploited by criminals." Its exhaustive list of bug bounty programs includes such diverse participants as Facebook, Google and Microsoft; PayPal, LinkedIn and Match.com; eBay, AT&T and MIT; Starbucks, Tesla and Twitter. According to the company, HackerOne customers have resolved over 65,000 vulnerabilities and awarded over $26 million in bug bounties.

Bugcrowd, another leading player on the bug bounty frontier, counts many of the same companies on its Bug Bounty List, as well as Apple, Oracle and IBM; HubSpot, Reddit and United Airlines; Netflix, Craigslist and Salesforce. And Zerodium, a cybersecurity company that deploys "a global community of talented and independent security researchers," is now offering bounties as high as $2 million for discovering vulnerabilities in Apple's iOS mobile operating system.

Bug Bounty Success Stories
"Most hackers remember their first bug." So begins a HackerOne article about computer security whiz kid Jack Cable, who discovered he could "send negative amounts of money to other bank account holders at a financial institution, effectively stealing money from their accounts." The Chicago teen then proceeded to beef up his own bank account … by alerting the company and collecting a bounty.

Several years later, at age 17, he responded to a Pentagon bug bounty called Hack the Air Force, discovered 20+ vulnerabilities in one day, and earned a good-sized check as the program's top contributor. "It's been great to see hackers help improve the Air Force's security and be recognized for their efforts," said Cable, who had already been acknowledged for his ethical hacking efforts by Google, Yahoo, and Uber.

Here are several additional bug bounty success stories: 

Finally, for an inside look at the life of an ethical hacker, here is a quick story and video in which successful bug bounty hunter Anand Prakash talks about his work getting paid for finding vulnerabilities at companies like Twitter, Uber, Facebook, and more.

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