Bugcrowd, the crowdsourced cybersecurity platform, today announced that it continued its strong growth in the second quarter of fiscal 2021, driven by a 133% increase in bookings in its international segment and an increase of more than 50% in international customers. The company also saw a bookings gain of more than 60% in the Information Technology and Services sector globally and more than a 65% jump in the number of programs under management, reflecting the rapid adoption of its crowdsourced cybersecurity solutions.
“Businesses are experiencing changes of tectonic proportions, paving the way for new cyber attacks while leaving them exposed in the process,” said Ashish Gupta, CEO, Bugcrowd. “Our strong growth in Q2 shows that more businesses are leveraging the power of the Bugcrowd platform and our global network of on-demand researchers as a Security Force Multiplier™, enhancing their ability to prioritize and remedy their hardest-to-find security vulnerabilities, and maximize the impact of their existing security investments.”
More customers purchased multiple products than any second quarter in the company’s history, implementing Vulnerability Disclosure, Attack Surface Management, and Penetration Testing solutions in addition to Bug Bounty programs. The growing demand for these solutions highlights the need for a layered security approach from a single platform, with companies tapping independent security researchers to augment other security tools and in-house security teams.
“The evolving threat landscape, the increase in digitisation across channels and significant transition to remote working over the past six months without compromising security has been a key focus for many organisations,” said Nick McKenzie, Chief Enterprise Security Officer, National Australia Bank. “Cutting-edge resources such as Bugcrowd’s crowdsourced security platform are critical to providing reliable and flexible options for protection against vulnerabilities.”
Upgrades to the Bugcrowd Platform Enable Continued Success
The Bugcrowd platform provides a premium crowdsourced security experience by seamlessly integrating the collective expertise of the crowd into an organization’s security ecosystem. Bugcrowd connects the right security experts to the right use cases, with contextual insights, workflows and APIs, so companies of any size can find, prioritize and fix security vulnerabilities at unprecedented scale and speed, without compromise.
In the last quarter, Bugcrowd continued to invest heavily in its platform to help companies of all sizes prevent potentially devastating cyber attacks. Bugcrowd’s new API allows customers and partners to easily manage their engagements on the Bugcrowd platform using the security systems and tools they already use. In addition, the API allows customers to initiate payments to the crowd, build new reports, and automate specific tasks (such as ticket creation in Jira or notifications via Slack) in organizational workflows.
Record Number of Researcher MVPs on Bugcrowd Platform
The Bugcrowd MVP program, which recognizes security researchers on the Bugcrowd platform who consistently excel across customer programs, also saw significant growth during the second quarter. The company had more MVPs in Q2 than in any other quarter, with 49% more researchers earning MVP status. In addition, the company reported 86% more high priority vulnerabilities—those that could cripple business operations, and expose company IP or customer PII (personally identifiable information)—compared to the same period last year.
New Executive Hires Increase Organizational Excellence
During the quarter, Bugcrowd added to its leadership team, bringing industry veterans Mari Kemp and Chris Nadan onboard as Head of People, Talent and Places and VP & General Counsel, respectively. Kemp is championing workplace culture and diversity programs, leading company-wide HR projects, driving organizational initiatives, improving HR and talent acquisition processes and leading training and engagement programs. Nadan focuses on guiding customers, security researchers and business partners throughout the entire legal process.
“Our strong Q2 growth, overall renewal rate, and continued platform innovation speaks to the value we bring our customers, as well as our ability to listen to and address their needs,” added Gupta. “We’re excited about the future as we continue to accelerate our customers’ success in preparing for the cybersecurity challenges ahead.”
“Bugcrowd” and “Security Force Multiplier” are trademarks of Bugcrowd Inc. and its subsidiaries. All other trademarks, trade names, service marks and logos referenced herein belong to their respective companies.
Bugcrowd is the #1 crowdsourced security company. Top Fortune 500 organizations trust Bugcrowd to manage their Bug Bounty, Vulnerability Disclosure, Penetration Testing, and Attack Surface Management programs. Bugcrowd’s award-winning platform combines actionable, contextual intelligence with the skill and experience of expert security researchers to help leading organizations identify and fix vulnerabilities, protect customers, and make the digitally connected world a safer place. Based in San Francisco, Bugcrowd is backed by Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures and Triangle Peak Partners. Learn more at www.bugcrowd.com.