Bug bounty programs are an effective measure in cybersecurity which allows ethical hackers to identify vulnerabilities for a sum of money. The literature review shows that bug bounties are effective and cost efficient ways to deal with vulnerabilities. Compared to traditional security audits, it can cost less to allow ethical hackers to tackle the vulnerability issues. The implementation of bounty buy programs can also allow diverse perspectives with people of various expertise to contribute. The drawbacks to bounty programs could be the quality control and the ethical considerations to make sure hackers that submit bounties are acting within the law and not accessing unauthorized data. While bounty programs offer benefits they should be seen as a strategy rather than an end all be all method to tackling security vulnerabilities.