How To Front-Run Financial Markets With Your Web Browser

Adam Muntner

twitterlogoEarly access to financial data can mean big profits. Imagine if you could learn the quarterly financial results of a company or macroeconomic statistical data before everyone else? Foreknowledge of the results means being able to take a position before the market moves as a result to everyone else becoming similarly informed. Until now, it took having a white-shoe country-club membership or buddies that hang out at the Eccles building in Washington, DC. What if all it took was a web browser?

At least one  financial-sector news organization is now obtaining and publicizing financial reports prior to their official release, utilizing a technique used for website content enumeration originally pioneered by security testers and attackers. As an artifact of the (bad) design decisions made in the development of many CMS(Content Management Systems) and of the processes used by the organizations deploying such systems, a confluence of factors leads to unintended…

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