UPDATED 09:00 EST / MARCH 10 2022

SECURITY

1Password increases top bug bounty to a Bugcrowd record high $1M

Password management software provider 1Password today announced it has increased its top bug bounty reward to $1 million, the highest bounty in the history of the crowdsourced security platform Bugcrowd Inc.’s history.

The new reward program is designed to build on a long history of successful bug bounty programs and 1password’s commitment to providing an industry-leading security platform for both businesses and families.

1Password regularly engages external security experts and white-hat hackers to point out any blind spots to strengthen its platform. This program expands the company’s initiative by enlisting thousands of researchers whose collective intelligence consistently delivers a user-friendly and reliable product that makes protecting privacy, data and personal information second nature.

Since launching its bug bounty program in 2017, 1Password has paid out $103,000 to Bugcrowd researchers, averaging $900 per reward. Previously detected bugs have been minor, showing no threat to the secrecy of sensitive customer data, and 1Password resolved them quickly to reduce the risk of attacks.

1password is pitching the increase to its top bounty as a major investment that demonstrates its commitment to keeping 1Password customers secure. “Increasing our bug bounty to $1 million will attract another layer of outside expertise to make sure our systems are as secure as possible,” Jeff Shiner, chief executive officer of 1Password, said in a statement.

The bug bounty program is on top of several additional security programs 1Password has in place, including conducting more than a dozen external penetration tests annually, staffing protocols that ensure security-directed developers are always embedded within product development teams, and a Security Ambassador Program for continuous training and development of security expertise in development teams.

Despite being founded in 2005, 1password first raised venture capital in 2019 with a round of $200 million. A round of $100 million for further growth was raised in July, followed by another raise of $620 million in January. That was the largest amount of funding ever raised by a Canadian company and was done so on a valuation of $6.8 billion.

Investors in the company include Accel, Tiger Global, Sound Ventures, Skip Capital and Lightspeed Venture Partners.

Image: 1password

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