Computerworld reported that Facebook is going to pay a base rate of $500 with possibly the rate going higher if there are truly significant flaws. Computerworld quoted Facebook’s product security lead, Alex Rice, as saying “In the past, we’ve focused on name recognition by putting their name up on our page, sending schwag out and using this as an avenue for interviews and the recruiting process. We’re extending that now to start paying out monetary rewards.”
Also, Computerworld reported that Facebook would also be launching a new White Hat hacking portal where researchers can sign up from the program and additionally report any bugs. The report also noted that other businesses started implementing these bounty programs to motivate hackers to inform them so that they can patch these problems instead of making them public.
At the moment, hackers contact Facebook’s security team about 30 to 50 times per week, according to Computerworld.
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