The global community has witnessed the rapid development of digital technologies for the last few years and especially since the outbreak of the coronavirus pandemic. The faster the business grows, the more money it accumulates and, as a result, the more lucrative target it becomes for malicious parties. It is not a suggestion, it is a rule and nobody in the information technologies industry can reject it. Hackers start applying sophisticated methods to commit cyberattacks availing the opportunities enabled by the spread of the technologies like artificial intelligence, machine learning, and 5G. There are also organized hacker groups that act under the authority of certain states.
The average annual financial losses experienced by companies vary depending on the country where they operate but the businesses operating in the USA, Germany, Japan, United Kingdom, France, and Singapore face the biggest damage. The global losses from cybercrimes amounted to close to $1 trillion in 2020 and are expected to rise in the coming years. When speaking about industries, banking, utilities, software, automotive, insurance, and high tech are the sectors of the economy that suffer the greatest losses due to cyberattacks.
For the last few months, the world has experienced a dramatic intensification of cybercrimes against well-known brands. Let us view just some of the most discussed recent data security incidents:
The level of cyber risks existing in the world is unprecedented. Traditional security assessment tools often do not bring desired outcomes. The situation may seem desperate for innovative projects, but don’t give up!
Just imagine the situation when a large community of high-skilled hackers works on making your product resistant to cyber threats. It is a bug bounty program, the solution to boost the security of customers’ products by inviting independent white hat hackers to look for and report on identified bugs in exchange for financial rewards.
A bug bounty program is one of the elements ensuring projects’ protection against cyberattacks that does not fully substitute other forms of security testing but rather supplements them.
Companies often suggest that a bug bounty program is a complex process and, thus, is designed to serve the needs of big companies. It is a prejudice since to order a bug bounty program a client needs to pass just a few clear stages:
The duration of a bug bounty program is specified by a customer and may range between a few months and even a few years. Even when clients find difficulties in completing the above-mentioned stages, the specialists responsible for the organization of these programs are ready to provide the required assistance.
By running a bug bounty program companies can:
Data encryption is one of the instruments to protect data from unauthorized access when stored or transmitted. Often, hackers manage to access encrypted data just by spending a bit more time to this end. A bug bounty program is a more complex measure aimed at preventing not only data theft but also the collapse of the product’s functionality due to cyberattacks.
Companies may run bug bounty programs on professional platforms such as HackenProof or develop their own programs and run them on their websites. Key benefits of running a bug bounty program on a professional platform for companies:
For more information on this matter, please refer to https://hacken.io/services/data-breach-prevention-with-hackenproof/
Customers are free to decide whether to run a public or private bug bounty program.
The platforms organizing bug bounty programs develop strict information disclosure rules that are to be followed by hackers and take measures aimed at preventing any data theft due to cyberattack or other malicious activities from outside.
Disclaimer: This material is not sponsored by any organization mentioned in the article.
Create your free account to unlock your custom reading experience.