HackerOne, A Bug Bounty Platform Rewarded $100 Million To White-Hat Hackers Across The Globe

HackerOne is a popular bug bounty network and this week the platform announced that it has rewarded $100 million to ethical hackers as of May 26 of this year. According to Martin Mickos, CEO HackerOne, the company’s bug bounty hunters have discovered around 170,000 vulnerabilities since the company initiated to deliver vulnerability reports to clients.

Currently, there are over 1,900 HackerOne clients, and more than 700,000 white-hat hackers are currently using this HackerOne’s platform to earn money for security vulnerabilities from different products. Mickos states that it is impossible for the company to exactly estimate how many cyber breaches it has averted till now. However, according to Mickos, we can estimate the number to be thousands or probably more than ten thousand.

Mickos stated that the average cost per breach is approximately $8 million, but it can save tens of billions. HackerOne paid a total amount of $10 million to hackers between the years 2014 and 2016, while the total amount of reward paid to white-hat hackers between the years 2017 and 2019 was $30 million. The bug bounty platform paid $50 million to ethical hackers between the second quarter of the year 2019 and the second quarter of the year 2020.

According to a chart provided by HackerOne, 12% of the ethical hackers who use the platform to report vulnerabilities earn more than $20,000 every year only from bug bounties. However 1% are paid rewards worth over $350,000 every year, and the platform pays more than $100,000 to 3% of the ethical hackers each year.

HackerOne stated that the company took five years to reach $20 million paid in bug bounties, the company reached this figure during the third quarter of the year 2017. It took only 3 years to reach the next $80 million. Recently, HackerOne paid $2.4 million in bug bounties in only six days. Two years ago, a survey of around 1,700 bounty hunters who were enrolled on the bug bounty platform, was performed. The survey discovered that top white-hat hackers will generate on average 2.7 times more income in the form of rewards as compared to the average income of a software engineer in the same region or country.

The platform announced in 2019 that the platform has helped around half dozen hackers to become millionaires. Santiago Lopez ranked first and earned more than $1 million during Mar 2019. The platform announced that Ron Chan from Hong Kong, Mark Litchfield from the United Kingdom, FransRosen from Sweden, Tommy Devoss from the US, and Nathaniel Wakelam from Australia earned over $1 million by hacking for enhanced internet security. Cosmin from Germany is the 7th HackerOne millionaire and Eric is the 8th one. Mickos says that the white-hat hackers may earn up to $1 billion in bounties within the coming 5 years while protecting us from persistent threats.

Read next: Google Confirms That More Than Two-Thirds of Vulnerabilities In Chrome Browser Are Due To Memory Unsafety
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