A bug bounty is a program offered by organizations that rewards independent security researchers for identifying and responsibly disclosing software vulnerabilities. These programs help companies find and fix security flaws before malicious hackers can exploit them. Participants, often called 'ethical hackers,' submit detailed reports of bugs they discover, and in return, may receive monetary rewards, recognition, or both. Bug bounty programs are a proactive approach to cybersecurity, leveraging the expertise of the global security community to enhance software safety and protect users.