Explore the realities of bug bounty programs in this 51-minute Black Hat conference talk. Gain insights from experienced bounty managers as they discuss the impact on application security, signal-to-noise ratio, return on investment, and interactions with bounty hunters. Learn about crucial aspects like scoping, budgeting, vulnerability valuation, and effective communication. Discover the importance of mature operational security practices, competition dynamics, and how bug bounties complement existing security measures. Delve into topics such as private vs. public programs, vendor agreements, disclosure policies, and balancing rewards. Understand team structures, handling low-quality bug reports, and engaging application teams. Get practical advice on prioritizing internally, managing technical vs. business risk, and setting appropriate rewards and scope for your bug bounty program.