Paypal means money transactions and no mode of monetary transactions is good enough if it isn’t secure enough. Naturally, the company keeps trying to improve its security by all possible means. It had launched a bounty program a while ago under which if you found a security flaw in Paypal’s products, you would be entitled to cash reward. Now, Paypal has increased the amount of that cash reward.
This is a common model in the tech world. Companies such as Mozilla and Google already follow this model in that they often invite hackers to find flaws in their security systems and in return for finding these flaws, they then award these hackers a handsome amount of cash.
Paypal seems to think this model is quite effective, as it has proved so in the cases of Mozilla and Google, and intends to continue working with it. According to the company’s chief information officer, “It’s clearly an effective way to increase researchers attention on Internet-based services and therefore find more potential issues.”
What is different about Paypal, however, is that it doesn’t publicly announce the amount of bounty it would offer over finding security flaws. The company doesn’t divulge the minimum or the maximum sum it would pay under the bounty program.
Nonetheless, it is understandable that Paypal has now raised the cash reward. In recent past, Paypal has started offering a whole host of new services and products and it is in an even greater need to keep its system and products bug-free. And to ensure that, Paypal has decided to up the ante on its bounty program.
Courtesy: TG Daily