Before we know about what is Bug Bounty Program. We have to know what is bug?
A software bug is an error, flaw, failure or fault in a computer program or software that causes it to produce an incorrect or unexpected result, or to behave in unintended ways. They usually arise by mistakes and errors made by people in either a program’s source code or its design or else in frameworks and operating systems used by such programs. Sometimes it may cause by compilers which produce incorrect code.
A bug bounty program is a deal offered by many companies for software developers, students and hackers of all over the world, by which individuals can receive recognition and compensation for reporting bugs, especially those pertaining to exploits and vulnerabilities.
Some of the Top companies which are giving perks & rewards as well along with Hall of fame.