Major U.S. Banks Investigate Data Breach Following Cyberattack on Financial Tech Firm
In a significant cybersecurity incident, several leading U.S. banks and mortgage lenders are urgently assessing the extent of customer data compromised due to a recent cyberattack on SitusAMC, a prominent New York-based financial technology company. SitusAMC, which offers technological solutions to over a thousand commercial and real estate financiers, disclosed on November 12 that it had experienced a data breach.
The company reported that unidentified hackers accessed and exfiltrated corporate data related to its banking clients, including accounting records and legal agreements. While SitusAMC has stated that the breach is now contained and its systems are operational, the full scope and nature of the cyberattack remain under investigation. Notably, the company indicated that no encrypting malware was used, suggesting the attackers’ primary intent was data theft rather than system disruption.
According to reports from Bloomberg and CNN, SitusAMC has notified several major financial institutions, including JPMorgan Chase, Citigroup, and Morgan Stanley, about the breach. The company also serves pension funds and state governments, highlighting the potential widespread impact of the incident.
The exact volume of data stolen and the number of banking customers affected remain unclear. Firms like SitusAMC, though not widely recognized outside the financial sector, play a crucial role in enabling banks and real estate clients to adhere to state and federal regulations. In this capacity, they manage vast amounts of sensitive, non-public banking information. SitusAMC’s website notes that the company processes billions of loan-related documents annually.
When approached for comments, a spokesperson for Citigroup declined to provide details about the breach or any communications from the hackers, such as ransom demands. Representatives for JPMorgan Chase and Morgan Stanley did not immediately respond to inquiries. SitusAMC’s CEO, Michael Franco, also did not respond to requests for comment.
The FBI has acknowledged awareness of the breach. 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. We remain committed to identifying those responsible and safeguarding the security of our critical infrastructure.
This incident underscores the growing threat of cyberattacks targeting financial institutions and their service providers. In recent years, several significant breaches have occurred:
– Fidelity National Financial Breach (January 2024): Hackers stole data on 1.3 million customers during a cyberattack that disrupted the company’s operations for a week. ([techcrunch.com](https://techcrunch.com/2024/01/09/fidelity-national-financial-data-breach/?utm_source=openai))
– Evolve Bank & Trust Breach (July 2024): A ransomware gang accessed personal data of at least 7.6 million individuals, including names, Social Security numbers, and bank account details. ([techcrunch.com](https://techcrunch.com/2024/07/09/evolve-bank-says-ransomware-gang-stole-personal-data-on-millions-of-customers/?utm_source=openai))
– TransUnion Breach (August 2025): Hackers stole personal information of over 4.4 million customers, including names, dates of birth, and Social Security numbers. ([techcrunch.com](https://techcrunch.com/2025/08/28/transunion-says-hackers-stole-4-4-million-customers-personal-information/?utm_source=openai))
These incidents highlight the critical need for robust cybersecurity measures within the financial sector. Financial institutions and their service providers must prioritize the protection of sensitive customer data to maintain trust and comply with regulatory requirements.
As the investigation into the SitusAMC breach continues, affected banks are likely to implement additional security protocols and notify customers whose data may have been compromised. Customers are advised to monitor their financial accounts for any unusual activity and report discrepancies promptly.
The financial industry must remain vigilant against evolving cyber threats, investing in advanced security technologies and fostering a culture of cybersecurity awareness to safeguard against future breaches.
