This ranges from $100 for a low end threat on PSN, up to $50,000 for a critical vulnerability on PlayStation 4. To be clear, the bug bounty program has been around for awhile. It is being managed through Hackerone, which is known for hosting such programmes for other large companies.
Sony made the announcement on its blog stating, "We believe that through working with the security research community we can deliver a safer place to play".
Partnering with HackerOne, Sony is looking to offer money to anyone who is able to expose serious vulnerabilities of the PlayStation 4 and the PlayStation Network.
The company said that thus far, it was running a bug bounty program privately with some researchers.
"PlayStation will determine, in its sole discretion, whether a bounty will be awarded", HackerOne stated. Rewards are based on the severity of the security exploits: US$50,000 is rewarded for Critical reports, US$10,000 for High, US$2,500 for Medium and US$500 for Low-risk reports. Sony is offering the highest maximum reward compared to Microsoft and Nintendo, both of which offer a maximum of $20,000 (roughly Rs. 15.1 lakh).
Sony explains that only "submissions on the current released or beta version of system software" will be accepted but it may also "accept submissions on earlier versions of system software on a case by case basis".
The PlayStation Network famously went down for 23 days straight after it was hacked back in 2011.
For the PS4, Sony said individuals can look for vulnerabilities on the system, accessories and operating system. This week Sony has announced the start of a new initiative which rewards PS4 fans that discover vulnerabilities with the PlayStation 4 and PlayStation Network. On top of that, it has been confirmed that only the first "researcher" to report a previously undiscovered issue will be eligible to claim monetary compensation.