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Security is an essential cornerstone of functioning digital marketplaces andcommunities. If users doubt that data shared online will remain secure, theywill withdraw from platforms. Even when firms take these risks seriously,security expertise is expensive and vulnerabilities are diverse in nature.Increasingly, firms and governments are turning to bug bounty programs (BBPs)to crowdsource their cybersecurity, in which they pay individuals for reportingvulnerabilities in their systems. And while the use of BBPs has grownsignificantly in recent years, research on the actors in this market and theirincentives remains limited. Using the lens of transaction cost economics, thispaper examines the incentives of firms and researchers (sometimes calledhackers) participating in BBPs. We study the crucial role that centralizedplatforms that organize BBPs play in this emerging market. We carry out ananalysis of the HackerOne BBP platform, using a novel dataset on over 14,000researchers reporting over 125,000 public vulnerabilities to over 500 firmsfrom 2014 to the end of 2021. We outline how platforms like HackerOne make amarket for information security vulnerabilities by reducing informationasymmetries and their associated transaction costs.

Making Markets for Information Security: The Role of Online Platforms in Bug Bounty Programs