While both types are illegal, the hackers' intentions and ethics are different.
Black hat hackers often have financial motivations behind their attacks.
Gray hat hackers tend to fall into the in-between area of the other two types.
But determining whether they’re good or bad is more subjective.
But having a segment of experienced hackers who aren’t after profitable operations makes security more complicated.
For one, financially motivated cybersecurity incidents are more or less the norm.
Not to mention, there are insurance policies made with cyber attacks and data breaches in mind.
Depending on the exposed information, the company’s reputation could sometimes be damaged beyond saving.
For most companies, there are no gray hat hackers.
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A person they didn’t hire breaching their internet can rarely bring anything but damage.
This isn’t a niche decision made by small companies trying to stay afloat.