docs: update vulnerability reporting process

Updating the vulnerability reporting process doc for this repo, ref [honeycombio/.github#20](honeycombio/.github#20).

SECURITY.md

@@ -1,3 +1,26 @@
-# Reporting Security Issues
+# Security Policy
 
-If you discover a security vulnerability, please open an issue with label `type: security`.
+This security policy applies to public projects under the [honeycombio organization][gh-organization] on GitHub.
+For security reports involving the services provided at `(ui|ui-eu|api|api-eu).honeycomb.io`, refer to the [Honeycomb Bug Bounty Program][bugbounty] for scope, expectations, and reporting procedures.
+
+## Security/Bugfix Versions
+
+Security and bug fixes are generally provided only for the last minor version.
+Fixes are released either as part of the next minor version or as an on-demand patch version.
+
+Security fixes are given priority and might be enough to cause a new version to be released.
+
+## Reporting a Vulnerability
+
+We encourage responsible disclosure of security vulnerabilities.
+If you find something suspicious, we encourage and appreciate your report!
+
+### Ways to report
+
+In order for the vulnerability reports to reach maintainers as soon as possible, the preferred way is to use the "Report a vulnerability" button under the "Security" tab of the associated GitHub project.
+This creates a private communication channel between the reporter and the maintainers.
+
+If you are absolutely unable to or have strong reasons not to use GitHub's vulnerability reporting workflow, please reach out to the Honeycomb security team at [[email protected]](mailto:[email protected]).
+
+[gh-organization]: https://github.com/honeycombio
+[bugbounty]: https://www.honeycomb.io/bugbountyprogram