Today is a great day for hackers, defenders, Bugcrowd as a company, and for Aussie founders with a dream to execute on the world stage. We’re very proud to have Blackbird Ventures, the same firm that pioneered the Startmate incubator where Bugcrowd began, taking the lead on our $15M Series B alongside existing investors Rally, Costanoa and Paladin. We’re just as pleased to welcome Salesforce Ventures and Industry Ventures to the family.
At the beginning of the year, we made a decision to put some stakes in the ground.
We decided it was time to talk, write, argue, and share about sides of the bug bounty space that we interact with every day, but would otherwise rarely see the light of day... The kinds of things that some would consider as Bugcrowd's "secret sauce."
Why? Read on.
My favorite thing about going to conferences is establishing the underlying trends behind the questions I’m asked. We’re only half-way through RSAC/BSides week, and already the dominant question is clear:
When is the government going to start a bug bounty program?
Here’s my answer:
The government has no choice but to adopt a crowdsourced model for vulnerability discovery, it’s more a question of when will the pain of staying the same exceed the pain of change.
About 12 months after Bugcrowd started, one of our team pulled me aside and made a suggestion that truly altered the course of the company:
We are excited to announce the newest member of the Bugcrowd Board of Directors, industry icon and veteran driver of cybersecurity innovation, Art Coviello Jr.
Bugcrowd’s view has always been that the economic and resourcing model of the bug bounty programs pioneered by Netscape, Google and Facebook is more that just the “latest and greatest tech-company fad.” It’s a necessary and inevitable evolution in security assessment, and it’s benefits will impact the entire IT ecosystem.
2012 was the year that almost every industry, banking, education, government, big tech and even security, was hacked. Many, if not all of these companies were doing “all" they could to protect themselves against these hacks, and yet they were still left vulnerable. In direct response to this, 2012 was also the year we built Bugcrowd to beat an army of adversaries with an army of allies.
Let me say clearly and upfront: As the founder of a company that manages a community of security researchers, I empathize with Mary Ann Davies’ frustrations… but I also strongly disagree with her approach.
We are thrilled to announce our recent round of Series A funding. Led by Costanoa Venture Capital, along with Rally Ventures, Paladin Capital Group and Blackbird Ventures, we've raised $6 Million, bringing us to a total of $9 Million since our founding in late 2012.
Last week, Bugcrowd hosted OWASP Bug Week, an online competition for security researchers all over the world to find security bugs in live products. The researcher who found the "Best Bug" of the week won a badge to AppSecEU.
In celebration of the 10 year anniversary of the Argentine security conference, ekoparty, Bugcrowd is doubling our payouts for the bugs submitted during the conference. From now until 21:10ART, Bugcrowd will pay out twice as much as the assigned reward money for the bug bounty program on our product.