America’s largest bank, JPMorgan, reported earnings Thursday morning. But it did it in way it hasn’t ever before, with a tweet linking to the full report on its website.
— J.P. Morgan (@jpmorgan) January 14, 2016
Typically, public-company earnings reports go out to the world via press release through a business-wire service. But fear of hackers and other concerns have banks rethinking how they communicate with investors.
Earnings press releases may sound boring to some, but they are juicy targets for hackers.
“They have early access to information that’s going to potentially make people or lose people a lot of money,” said Chester Wisniewski with the security firm Sophos.
Hackers aren’t the only concern when it comes to earnings reports.
“There have been a number of companies where results have come out too early,” explained Morningstar bank analyst Jim Sinegal. “So companies, especially financial companies, are wanting to take control of that process.”
Banks have already been boosting their security spending to protect themselves from increasingly aggressive and dangerous hackers. And now more and more of them are changing how they share their financial information with the public.
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?