Not all researchers are comfortable with the ethics of selling the zero-day vulnerabilities they've discovered to governments and offensive security companies. But those who do seek profit beyond that of a traditional bug bounty reward will require a fair share of business savvy to seal the deal, according to former vulnerability broker Maor Shwartz, in a Black Hat presentation yesterday that offered a unique inside glimpse into the zero-day economy.

Shwartz's vulnerability brokerage firm, Q-recon, closed down last year, yet he still offers free business guidance to researchers. In that spirit, Shwartz offered conference attendees a series of tips on how to properly close a transaction while avoiding damaging one's reputation when selling a zero-day.

Many of his key recommendations revolved around maintaining a trustful relationship with buyers. For example, researchers who discover a quality vulnerability should be honest if the corresponding exploit they developed needs improvement. "If you have this beautiful vulnerability, but the exploit is the problem, please tell them [the buyer] because it will literally save the deal," said Swartz. "Once they understand that, they will be willing to pay you the full amount or reduce a little bit. Just because the exploit isn't good enough doesn't mean the vulnerability" isn't good enough, he continued.

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