SitusAMC Data Breach Impacts Major Banks and Mortgage Lenders
Summary:
A recent cyberattack on SitusAMC Group Holdings, LP, a technology vendor serving real estate financiers, has left major U.S. banks and mortgage lenders scrambling to assess the extent of the breach. The compromised data includes accounting records and legal agreements, raising concerns about financial and legal exposures. SitusAMC confirmed the breach on November 12 and is working with federal law enforcement to mitigate the damage. JPMorgan Chase & Co. and Citigroup Inc. are among the affected institutions, though operational disruptions have not been reported.
What This Means for You:
- Monitor Financial Accounts: Regularly check your bank and mortgage statements for unauthorized transactions.
- Stay Informed: Keep an eye on communications from your financial institutions regarding potential exposure.
- Enhance Cybersecurity: Use strong, unique passwords and enable two-factor authentication on all accounts.
- Future Outlook: Expect heightened scrutiny on third-party vendors in the financial sector to prevent similar breaches.
Original Post:
The hack of a technology vendor for real estate financiers left major American banks and mortgage lenders working Sunday to assess whether they were affected by the data breach. The vendor, SitusAMC Group Holdings, LP, said in a statement Saturday that someone compromised its systems and took client data including “accounting records and legal agreements.” The company said it learned of the intrusion on Nov. 12 and that it’s still assessing the scope and impact of the breach with outside experts and federal law enforcement. SitusAMC said it sent letters to customers on Saturday saying that the firm is fully operational, that the breach “is now contained” and that it “did not involve encrypting malware.”
READ MORE: More lenders suffer data breaches, face consumer lawsuits
JPMorgan Chase & Co. and Citigroup Inc. were among the banks that received such notices, according to two people familiar with the matter. They spoke on condition that they not be identified discussing the ongoing examination of the breach, which is also being investigated by the Federal Bureau of Investigation.
Representatives of Citi and Chase declined to comment on whether or how their banks were affected. The breach and following notices to the banks was first reported by the New York Times.
READ MORE: How AI is changing the cost of a data breach
“The FBI is aware of a cyber incident involving a third-party provider within the financial services sector,” according to an FBI statement attributed to Director Kash Patel. “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.”
SitusAMC notified all of its residential mortgage customers that they may be affected but doesn’t yet know the full extent of the breach, another person familiar with the matter said. The company confirmed it was hacked on Nov. 15 and began notifying customers last week, the person said.
READ MORE: Cloudflare disruption hit SoFi, Varo, other banks
SitusAMC Chief Executive Officer Michael Franco said that the breach is contained.
“We remain focused on analyzing any potentially affected data and will provide updates directly to our clients as our investigation progresses,” Franco said in a statement issued through a representative.
Extra Information:
Mortgage Lenders Face More Lawsuits After Data Breaches: Learn about the legal ramifications of data breaches in the financial sector. How AI is Changing the Cost of a Data Breach: Explore the evolving landscape of cybersecurity costs and the role of AI.
People Also Ask About:
- What data was stolen in the SitusAMC breach? Accounting records and legal agreements were compromised.
- Which banks were affected by the SitusAMC breach? JPMorgan Chase & Co. and Citigroup Inc. were among the affected banks.
- How is SitusAMC responding to the breach? The company is working with federal law enforcement and has contained the breach.
- What should I do if my bank was affected? Monitor your accounts and follow any instructions from your bank.
Expert Opinion:
The SitusAMC data breach underscores the vulnerability of third-party vendors in the financial sector. As cyber threats evolve, institutions must prioritize vendor risk management and invest in advanced cybersecurity measures to protect sensitive data.
Key Terms:
- SitusAMC data breach
- cybersecurity for financial institutions
- third-party vendor risk management
- data breach impact on mortgage lenders
- FBI cyber incident response
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