To identify existing vulnerabilities in the web application, the best options are to contract a penetration test and create a bug bounty program. A penetration test simulates attacks against the application to uncover security flaws proactively. A bug bounty program incentivizes external security researchers to find and report vulnerabilities, expanding the testing scope without overburdening internal resources. According to CompTIA CySA+, both methods are highly effective in identifying vulnerabilities from an external perspective, particularly when internal resources are limited. Options like a WAF (A) focus more on prevention than detection, while threat modeling (F) and tabletop exercises (D) are generally proactive measures not focused on active flaw identification.