[arkem]

In my experience with running bug bounties it will be cheaper in terms of time (and probably in terms of money) and more effective to hire an application security consultant to look at the projects first.

Bug bounties require a lot of time to keep on top of the submissions (essential in providing a good experience for researchers) and to filter out the noise of invalid and working-as-intended bugs.

Having a consultant come through will mean that your bugs will be the exception rather than the rule. Instead of every form field and parameter having a cross site scripting bug only that deprecated status page that you'd forgotten about will be vulnerable. A good consultant will also be able to help you fix the bugs and avoid them in the future.

Getting the low hanging fruit out of the way before launching This difference can easily pay for the consultant, since each XSS can be worth >$500 (or thousands in the case of the bounty programs I've worked on) so getting the low hanging fruit out of the way before launching is definitely worth it.