Major U.S. financial institutions, including JPMorgan Chase, Citigroup, and Morgan Stanley, are racing to assess potential client data exposure following a confirmed cyberattack on one of their critical third-party vendors, the financial technology firm SitusAMC.
SitusAMC, a New York-based company that handles billions of loan and financial documents annually for a wide client base, was breached by hackers on November 12. The attackers successfully stole sensitive data, including corporate data associated with banking customers, accounting records, and legal agreements.
The incident highlights a significant vulnerability within the financial sector's supply chain, where reliance on specialized, behind-the-scenes vendors can compromise the data of even the largest banks. The FBI has launched an investigation as the banks and SitusAMC remain in damage control, working to determine the full scope of customer data compromised.
