The logo of social networking website Facebook is displayed on a computer screen in London 2007. Facebook began offering rewards of $500 or more on Friday to security researchers who identify vulnerabilities in the social network.

Facebook began offering rewards of $500 or more on Friday to security researchers who identify vulnerabilities in the social network.

"To show our appreciation for our security researchers, we offer a monetary bounty for certain qualifying security bugs," Facebook said in a blog post.

who are the "first person to responsibly disclose" a bug that could "compromise the integrity or privacy of Facebook user data" would be eligible for a bounty of $500, Facebook said.

"Our security team will assess each bug to determine if qualifies," Facebook said.

The Palo Alto, California-based titan said a typical bounty was $500 but it "may increase the reward for specific bugs."

Facebook last month hired George Hotz, a celebrated hacker known as "GeoHot," but has not disclosed what he is doing for the company.

Hotz was sued by Sony for hacking the Japanese company's game console and is credited with being the first person to go public with a way to hack into an .