Startup Bugcrowd Raises $1.6 Million To Pay Hacker Hordes To Hunt Clients' Bugs
Source: Forbes - Posted by Dave Wreski   
Latest News Google, Facebook and PayPal offer thousands of dollars in rewards to friendly hackers who find and report security bugs in their products. Now a handful of venture capital firms are betting that your company will pay to have your products hacked, too. On Wednesday the San Francisco-based startup Bugcrowd announced that it’s raised $1.6 million from ICON Partners, Paladin Capital and Square Peg Capital to fund its mission to become the security industry’s central hub for organizing so-called “bug bounty” programs. Those programs typically offer rewards to benevolent hackers who can show evidence of a security flaw in a company’s software and help to fix it. In Bugcrowd’s case, it will host and organize a bug bounty on behalf of its client companies: Put up as little as $10,000, and the thousands of security professionals and amateurs who have registered as part of Bugcrowd’s online community will scour a client’s website, desktop software or mobile app for bugs in return for bounties that Bugcrowd pays out for the most interesting finds.

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