This is not a new competition. It has been held in previous years. But Pwn2Own had previously focused on browser vulnerabilities. Now the goal has been broadened to include browser plugins. You got to break the latest version of the browsers running on the latest operating systems. And they got all the current patches installed.
You cannot work for HP or Google to enter. And yeah you got to be 18 years old at a minimum. You must be registered for the CanSecWest conference to qualify. Bad news is that it costs $2200++ USD to get into the conference at this late date. I guess this only makes sense if you were already planning to attend the conf. Then again, the high cost of entry might minimize the competition.
One cool thing about the compeition is that you get drawn at random to attack the machine and browser. Then you go to work to hack an exploit. You got 30 minutes to break in. Then you got to hand over all your details to collect your prize. Of course HP will pass the info on so the holes can be plugged. This is a legit opportunity.
