Microsoft Bug Bounty Program awarded $13.8M for their collaboration with over 345 security researchers from +45 countries around the world between July 01, 2023, to June 30, 2023. Bug Bounty Programs authorize independent security experts to report bugs to a company in exchange for rewards or compensation.  These bugs can include security exploits, vulnerabilities, process issues, hardware flaws, etc.

Source: GBHackers