I read this article about the 10 year old Finnish boy collecting a $10,000 bug bounty from Instagram with interest. According to the article (and I hope someone can shed more light on the exact details of the bug bounty), this boy was able to pick up information from Youtube and other online resources to figure out the security loophole.
What I am wondering about is whether there are standardized tools or plug-ins that programmers use to conduct automated security audit of their code, and if there are standardized tools that penetration testers use to do an automated security testing of the site. And if there are, then what is the likelihood of events such as the one described in the article occurring and what can the companies do to minimize the risk of these events?