The theory is that “many eyes find all bugs” but that’s demonstrably bullshit. All software has bugs and they’re a lot easier to find if you have the source code.
A good example is SQL injections. You don’t know how the developer has sanitized form input so without the source code you have to try a jillion things to see if anything works. But with the source code…easy peasy.
Having said that, zero days and bugs in OSS generally get patched sooner because there’s a lot of transparency around them. Whereas companies with their own proprietary code can, and do, sit on bug reports for a very long time which allows those who know about it to happily exploit it a lot longer.
There are examples of pros and cons to both.
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