Major Banks’ Client Data Compromised in Third-Party Cyberattack
In a significant cybersecurity incident, sensitive client data from major financial institutions, including JPMorgan Chase, Citi, and Morgan Stanley, may have been exposed due to a breach at technology vendor SitusAMC. This New York-based firm specializes in services for real estate lenders and financial institutions, and the breach underscores the vulnerabilities associated with third-party service providers in the financial sector.
Details of the Breach
On November 12, 2025, SitusAMC identified a cyberattack that compromised certain information within its systems. The company acknowledged that corporate data related to client relationships, such as accounting records and legal agreements, were impacted. Additionally, data pertaining to some clients’ customers may have been affected. The full scope and nature of the compromised data are still under investigation.
Official Responses
SitusAMC has not publicly disclosed the identities of the affected clients. However, reports indicate that major banks like JPMorgan Chase, Citi, and Morgan Stanley are among those potentially impacted. These institutions have yet to issue formal statements regarding the incident.
The Federal Bureau of Investigation (FBI) is actively involved in assessing the situation. FBI Director Kash Patel stated, While we are working closely with affected organizations and our partners to understand the extent of potential impact, we have identified no operational impact to banking services. This suggests that, despite the data exposure, banking operations remain unaffected.
Implications for the Financial Sector
This incident highlights the growing risks associated with third-party vendors in the financial industry. Cybercriminals are increasingly targeting service providers that support major banks, exploiting potential vulnerabilities beyond the banks’ internal security measures. The breach serves as a stark reminder that an organization’s security is only as strong as its weakest link.
Historical Context
This is not the first time major financial institutions have faced significant data breaches. In 2014, JPMorgan Chase experienced a cyberattack that compromised information from approximately 76 million households and 7 million small businesses. The stolen data included names, addresses, phone numbers, and email addresses. However, there was no evidence that account numbers, passwords, Social Security numbers, or dates of birth were compromised. The bank assured customers that no unusual fraud activity had been detected as a result of that breach.
Moving Forward
In response to the current breach, SitusAMC has taken measures to contain the incident and has stated that its services are fully operational. The company emphasized that no encrypting malware was involved in the attack. Ongoing investigations aim to determine the full extent of the data exposure and to implement measures to prevent future incidents.
Financial institutions are likely to reassess their relationships with third-party vendors, emphasizing the need for stringent security protocols and regular audits to safeguard sensitive client information. This incident serves as a critical reminder of the importance of comprehensive cybersecurity strategies in an increasingly interconnected financial ecosystem.
