Bug bounty programs have emerged as a fundamental component of modern cybersecurity strategies, offering organizations a proactive approach to identifying and addressing system vulnerabilities before they can be exploited by malicious actors. In this article, we delve into the evaluation of the effectiveness of bug bounty programs in enhancing cybersecurity defenses. From understanding the evolution and methodology of bug bounty programs to exploring real-world case studies and discussing the challenges and best practices associated with these initiatives, we aim to provide insights into the pivotal role bug bounty programs play in fortifying cyber resilience.