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Bugcrowd

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Bugcrowd
Company typePrivate
IndustryCybersecurity
Founded2012
FoundersCasey Ellis, Chris Raethke, Sergei Belokamen
HeadquartersSan Francisco, California and Australia
Key people
  • Ashish Gupta (CEO)
  • Casey Ellis (Chairman, CTO)
  • Nick McKenzie (CI&SO)
  • Robert Taccini (CFO)
Websitebugcrowd.com

Bugcrowd is a crowdsourced security platform.[1][2][3] It was founded in 2011 and in 2019 it was one of the largest bug bounty and vulnerability disclosure companies on the internet.[4] In March 2018 it secured $26 million in a Series C funding round led by Triangle Peak Partners.[5] Bugcrowd announced Series D funding in April 2020 of $30 million led by previous investor Rally Ventures.[6]

History

Bugcrowd was founded in Sydney, Australia in 2012, and it now has several different offices around the world like Sydney and London, with its main headquarters in San Francisco.[7]

Bugcrowd focuses on a broad spectrum of penetration testing services for IoT, API, and even network but also attack surface management.[8]

In 2022, Bugcrowd promoted Dave Gerry to be their new chief executive officer.[9]

In May 2023, Bugcrowd announced to transform their crowdsourced cybersecurity platform to test through AI and white-hat hackers.[9][10] Bugcrowd alsp announced in May, the creation of a Crowdsourced Pen in collaboration with HackerOne Inc., and Synack Inc.[11] As stated in an article about the Crowdsource Pen, The report also implements primary and secondary research techniques for gathering the most crucial pieces of professional information and applies a number of industry-best techniques upon the data for projecting the future state of the global Crowdsourced Pen Testing market.[11]

Funding

Bugcrowd has raised a total of $78.7M in funding over 6 rounds. Their latest funding was raised on Apr 9, 2020 from a Series D round. The Series D round was raised by $30M led by Rally Ventures with the goal of being able to operate in more countries.[12]

Blackbird Ventures led funding for their Series B round with $15M raised in April 2016.[13] In this round of funding, Bugcrowd was looking at processing payments for Facebook's bounty program.[14]

Series A funding round took place in 2015 and was led by Costanoa Ventures, raising $6m.[15]

Bugcrowd started off their seed funding in 2013 to increase their 3000 vetted security testers.[16] This seed funding was primarily led by Rally Ventures and they were able to raise $1.6m.[16]

Clients worked with

Bugcrowd has an expansive list of clients they have worked with, which include Tesla, Atlassian, Fitbit, Square, Mastercard and others.[17] They work with clients from big tech giants, to review platforms and the retail space like Amazon and eBay.[8]

Currently, they are working with 65 industries across 29 countries, with the latest funding, they are looking to expand more into Europe and Asia.[12]

Bugcrowd entered the financial sector by partnering with Western Union where they were able to test their bug bounty via private invite only.[18] Western Union now has a bug bounty that is open to the public with rewards varying between $100 and $5000 depending on the bug.[18]

Continuing in the financial sector, Bugcrowd helped the big four bank NAB become one of the first banks in Australia to launch a bug bounty to be proactive in their security.[19]

Samsung has also used Bugcrowd, with Bugcrowd rewarding over $2m in rewards to those who found bugs in Samsung's security.[20]

In 2020 one of the lead VPN providers, ExpressVPN worked with Bugcrowd to ensure their clients' privacy were protected while using a VPN.[21] ExpressVPN was rewarding $100 to $2500 depending on the severity of vulnerabilities that were found, with 21 critical findings being identified upon the bug bounty program being released.

Job platform Seek has been using Bugcrowd since 2019 to continually look for bugs and any security vulnerabilities that may be throughout their platform with the highest reward being US$10 thousand.[22][23]

Bugcrowd is also a trailblazer in the Government & Military space, running programs for the U.S. DOD, the Air Force and DDS.[24][25]

Further reading

Bugcrowd Founder, Chairman & CTO is a partner in the open-source project disclose.io, which helps hackers and organizations make the Internet safer, together. Additionally, Bugcrowd was named to the Forbes 2021 list of America's Best Startup Employers by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider.[26]

Bugcrowd has also founded its own university to help the public learn how to code, find bugs in security systems and how to patch them.[27]

References

  1. ^ "Hackers Receive $500,000 in One Week via Bugcrowd". SecurityWeek.Com. 11 November 2019. Archived from the original on March 22, 2020. Retrieved March 22, 2020.
  2. ^ "HackerOne connects hackers with companies and hopes for a win-win". The New York Times. June 7, 2015. Archived from the original on June 11, 2015. Retrieved October 28, 2015.
  3. ^ "Here's the Netflix account compromise Bugcrowd doesn't want you to know about". Ars Technica. Archived from the original on March 22, 2020. Retrieved March 22, 2020.
  4. ^ "TechCrunch is now a part of Verizon Media". techcrunch.com. 31 May 2019. Archived from the original on March 28, 2020. Retrieved March 22, 2020.
  5. ^ "Bugcrowd Raises $26 Million to Expand Vulnerability Hunting Business". SecurityWeek.Com. March 2018. Archived from the original on March 22, 2020. Retrieved March 22, 2020.
  6. ^ "Bugcrowd raises $30M in Series D to expand its bug bounty platform". TechCrunch. 9 April 2020. Retrieved 2021-01-09.
  7. ^ Michael Bailey (5 March 2018). "Aussie cyber security bounty hunter Bugcrowd has big plans after $33m round". afr.com. Australian Financial Review. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  8. ^ a b "Top 5 Bug Bounty Platforms to Watch in 2021". thehackernews.com. 8 February 2021. Archived from the original on 7 July 2021.
  9. ^ a b "Bugcrowd plans to transform the penetration testing market through AI and white-hat hackers". SiliconANGLE. 2023-05-05. Retrieved 2023-05-18.
  10. ^ "Bugcrowd Announces Ability to Buy, Set Up, and Launch Penetration Tests With A Few Clicks - A First for the Industry". Yahoo Finance. 2023-04-19. Retrieved 2023-05-18.
  11. ^ a b "Crowdsourced Pen Testing Market 2023: Comprehensive Study by Top Key Players – Bugcrowd Inc., HackerOne Inc., Synack Inc. – Scene for Dummies: Everything Hollywood Undead". Retrieved 2023-05-25.
  12. ^ a b Zack Whittaker (9 April 2020). "Bugcrowd raises $30M in Series D to expand its bug bounty platform". techcrunch.com. TechCrunch. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  13. ^ Ben Kepes (20 April 2016). "Bugcrowd raises cash because of the power of the people". networkworld.com. Network World. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  14. ^ Sean Sposito (20 April 2016). "Amid bug bounty appeal, Bugcrowd raises Series B". sfgate.com. San Francisco Chronicle. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  15. ^ "Bugcrowd Raises $6 Million In Series A Funding To Further Accelerate Enterprise Adoption Of Crowdsourced Security". prnewswire.com. PR Newswire. 12 March 2015. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  16. ^ a b Mahesh Sharma (4 September 2013). "Bugcrowd Raises $1.6 Million To Expand Bug Bounty Marketplace". techcrunch.com. TechCrunch. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  17. ^ Zaid Shoorbajee (1 March 2018). "Bugcrowd raises $26 million in latest funding round". cyberscoop.com. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  18. ^ a b "Bugcrowd Enters Financial Sector, Announces Managed Bug Bounty Program for Western Union". prnewswire.com. PR Newswire. 11 March 2015. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  19. ^ "NAB LAUNCHES CYBER BUG BOUNTY PROGRAM". news.nab.com.au. National Australia Bank. 25 September 2020. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  20. ^ "Bugcrowd's Crowdsourced Cybersecurity Platform Helps Pay Over $2M to Researchers for Samsung Mobile Rewards Program". darkreading.com. 17 November 2020. Archived from the original on 2 December 2020. Retrieved 2021-07-07.
  21. ^ Joel Khalili (16 July 2020). "Calling all ethical VPN hackers: ExpressVPN launches new-look bug bounty program". techradar.com. TechRadar. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  22. ^ Julian Berton (29 January 2019). "Get involved with SEEK's $10K Bug Bounty Program". medium.com. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
  23. ^ "Reporting Security Vulnerabilities". seek.com.au. Retrieved 2021-07-07.
  24. ^ Aaron Boyd (24 October 2018). "DOD Invests $34 Million in Hack the Pentagon Expansion". nextgov.com. Archived from the original on 26 November 2020. Retrieved 2021-07-07.
  25. ^ Lauren Knausenberger (21 May 2020). "Leading innovation in the US Air Forces". businesschief.com. Archived from the original on 7 July 2021.
  26. ^ Kristin Stoller (9 March 2021). "AMERICA'S BEST STARTUP EMPLOYERS". Forbes.
  27. ^ "Top 10 cybersecurity online courses for 2021". techtarget.com. TechTarget. Archived from the original on 7 July 2021. Retrieved 2021-07-07.
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