30 August 2011 | Author: R Wood Media InternBug Bounty hunters cash in on Facebook

Facebook announced Monday it has paid over $40,000 to since launching its Bug Bounty Program last month.
The incentive program is designed to reward users who identify bugs and report them to Facebook rather than taking vulnerable information public before the problem is fixed.
Under the Bug Bounty Program, users who follow Facebook's Responsible Disclosure Policy will be entitled to compensation starting at a minimum of $500.
Facebook's Chief Security Officer Joe Sullivan wrote: "This program has kicked off dialogue with a whole new and ever-expanding set of people across the globe in over 16 countries."
The Bug Bounty Program takes the next step in its Whitehat Responsible Disclosure Policy, providing even more incentive to tech-savvy users who come across bugs while on the social networking site.
Now, in addition to receiving immunity against legal action, users who report bugs properly will be entitled to financial compensation.
"We received really positive feedback when we launched our responsible disclosure policy last year, in which we told researchers we would not take adverse actions against them when they followed the policy in reporting bugs."
Researchers searching for bugs can also create test accounts to avoid violating Facebook's terms of service or unknowingly affecting accounts of other users on their network.
Industry giants
Google, Mozilla and Microsoft also run similar bounty programs to help deal with virus or bug issues on their systems, and
according to CNET, Microsoft offers a whopping $250,000 to users with information leading to the arrest of virus writers.
Sullivan wrote: "The program has also been great because it has made our site more secure - by surfacing issues large and small, introducing us to novel attack vectors, and helping us improve lots of corners in our code."