The world is a global village, our daily activities are dependant on online gadgets. Tech companies who offer different solutions have access to all of our important, personal information such as payment details, chat logs, personal photos and private data. It is important that such data does not leak from these tech companies, making our personal lives absolutely secure online with them.
Ever since internet population has grown substantially all over the world, the major tech companies have initiated programs like the distributions of bounties to encourage ethical hackers in reporting vulnerability in their products. The companies who do not have their in-house security department have always outsourced it to third parties to ensure the data of their users remains safe and secure.
With Apple, this has always remained a holdout somehow. Hackers in the past were not usually paid for reporting vulnerabilities in their different products. With no money to earn if a bug was reported, hackers started moving away from Apple and stopped reporting vulnerabilities because Apple refused to pay for bug reports.
Well, good news is this has changed today. Apple under head of security engineering and architecture, Ivan Krstic announced that Apple will start offering cash bounties up to whooping $200,000 to researchers who discover vulnerabilities in Apple products and report a bug.