Highlights:
- Bug bounty program launched in partnership with Bugcrowd
- Participants must have an ‘Elite Trust Score’ on the Bugcrowd platform
- Bank will reward researchers who uncover previously undisclosed vulnerabilities
Claiming bragging rights as the first of its kind in Australian banking, NAB today announced the launch of a bug bounty program in partnership with crowdsourced security company Bugcrowd. NAB will reward vetted security researchers who uncover “previously undisclosed vulnerabilities” in NAB’s environment.
To take part in this program, participants must have an ‘Elite Trust Score’ on the Bugcrowd platform. The Security Platform founded by Casey Ellis in 2012, counts Atlassian, Motorola, Seek as customers.
“Controlled, crowdsourced cybersecurity brings together uniquely skilled testers and security researchers with fresh perspectives to uncover vulnerabilities in our defences that traditional assessment might have missed”, said NAB Executive Enterprise Security, Nick McKenzie.
Moving to a ‘paid bounty’ gives us the ability to attract a wider pool of ethically-trained security researchers from across the globe
NAB Executive, Enterprise Security
ITVibes Insights:
As Security gains prominence, investment in cybersecurity is set to increase. Analysts have forecast a significant increase in cloud security investments even as COVID impacts IT budgets worldwide.
Managed Security Services sector is set to become a A$5bn opportunity in four years, stated IDC’s latest research on cybersecurity services in the ANZ region.
Security is no longer just the IT team’s problem or priority.
Gartner says 75% of CEOs will be personally liable for Cyber-Physical security in four years as the cost of security attacks could reach $50bn. Experts have called for a focus on operational resilience management – beyond information-centric cybersecurity.
Access to cybersecurity talent is an important element in keeping banks safe as threats grow exponentially. Crowdsourcing talent is an important measure and NAB’s the first big bank to leverage this important cybersecurity link.
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