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100X.VC Team
Written by various collaborators within Team 100X.VC
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Apr 11, 2022
Topic

Introduction 

Cyber Security has always been a critical concern for all businesses, including yours. Before and during Covid-19, a large number of businesses succumbed to cyber attacks. There had to be an initiative against this, especially now that a lot of essential services companies are online too - with highly sensitive data.

Businesses will not survive if steps aren't taken to secure vital data that is stored in the cloud, on mobile devices, or even on company servers.

A community of passionate cybersecurity professionals and bug bounty hunters has always existed. However, the problem of mediation, verification, and streamlining communication from these bug bounty hunters to enterprises still persists. Bugbase bridges this gap in the market with a community-first approach.

BugBase provides an innovative solution to security - hosting managed bug bounty programs & SaaS-based VAPT solutions for startups and enterprises in India. As a platform it accepts security reports from the community, post which they filter and curate the data for an enterprise and initiate a conversation between the company and the ethical hacker to resolve the security flaw. 

This powerful tool has been utilised by the likes of Google, Facebook, and Apple. BugBase makes it available to every enterprise across the subcontinent. A hacker-driven security program incentivizes a talented and diverse group of professionals worldwide to provide a thorough and unique analysis of a system’s security.

Dhruva Goyal is a second-time founder with 3+ years of experience in cybersecurity. Dhruva holds multiple accolades like - Offensive Security Certified Professional (OSCP), Offensive Security Web Expert (OSWE), Certified Ethical Hacker (CEH). Kathan Desai is a Full Stack Developer with over 5+ years of leading dev teams and building DevOps cycles and both the founders complement each other’s skills very well!

Both the co-founders have known each other since high school. They both strongly believe in the product and have dropped out of college to pursue BugBase, full time.

Market Opportunity

Indians are super active in the bug bounty scene. BugBase is India's first bug bounty platform. The Indian Bug Bounty Market (SOM) is valued at $800M, while the Indian Cybersecurity market ( SAM ) is valued hai $2.64B, and their total addressable market which is the global Cybersecurity market is valued at $156.24B. 

The Bug Bounty market in India is fairly nascent with tons of growth opportunities and a real need. The market scenario was very similar to that of the USA when HackerOne launched in 2012.

100X Thesis

Existing vulnerability management tools may not find the newest vulnerabilities, leaving assets open to threats. Organisations need continuous security testing – and retesting – to effectively defend their attack surface. BugBase founders are building one of a kind marketplace to cater to the growing requirements of Indian corporates, unicorns and growing mid-size startups for vulnerability management. 

Conclusion: 

BugBase is building a super-relevant and important platform. We’re sure this platform will add a lot of value to many businesses. It looks forward to being the largest marketplace for ethical hackers across the world. We congratulate them and wish them the best of luck!

 

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