Representatives of Ripple have posted an announcement of the bug bounty program on the project’s official website. The meaning of the initiative is simple – the Ripple’s team pays for any security-related software bugs (https://github.com/ripple).
Ripple is set to reward each participant who finds bugs. To claim the payment can users who will fix:
- vulnerabilities that pose a threat o user funds;
- vulnerabilities that pose a threat to user privacy;
- vulnerabilities that are a threat to the Ripple’s network.
There is a possibility of fixing a bug among the requirements. The reward for vulnerability depends on the degree of risk of one. Moreover, such risk is determined after the fact on the side of the program owner.
Ripple is better than all other projects which offer money transfers. The only thing they need to ensure adoption is the reliable protection of its system. It’s nice to see that the team is really taking pains to make sure that Ripple is the best payment project.
Why Bug Bounty Programs Are Needed By Every Project?
The hunt for bugs on the platform is a necessary part of the security process. Nothing safe is a panacea, everything is measured by cost-effectiveness. In this case, the payment upon the discovery of vulnerability is cleared.
Many companies inside the crypto space give out bonuses to users when they discover vulnerabilities in own products. All process of crowdsourcing is started to reduce the risk of human factors. With a large mass of researchers, bug bounty makes it possible to make application audits continuously. The bad thing is that the parameters of this process can’t be controlled at all (the bug hunters are working eccentrically) but the idea is good itself.
What Reasons Do Companies Let Someone To Hack Themselves?
Finally, the main issue is why companies voluntarily donate their products to hackers?
It’s commonplace because technology and software are updated almost every week. The paradigm “I will build a super wall and they don’t hack me” doesn’t work in most cases. New bugs appear constantly. The issue of cybersecurity has moved from a temporary problem to a permanent one. The companies have to constantly monitor and improve own defense.
Cyber threats will not fly out anywhere, but they will progress with time only. Postponing this issue “for later” can lead to disastrous consequences for the company.
Cybersecurity will become the same mainstream task as accounting. However, do not panic. Advanced technologies and new approaches to cybersecurity can protect companies tomorrow. For each hacker, there is a white hacker.