Big Banks Feel the Heat After Tech Partner's Cyber Attack

SitusAMC Breach Exposes Client Files

Some of the biggest banks in the U.S. are under scrutiny following a cyber attack on SitusAMC, a company that manages real estate investments for them. The breach was discovered on November 12, and while the attack did not involve encrypted malware, sensitive client files—including financial records and legal documents—may have been compromised.

Impact on Major Financial Institutions

The breach has raised concerns for major banks like:

• JPMorgan Chase
• Citi
• Morgan Stanley

None of these institutions have publicly addressed the incident yet, but the potential exposure of sensitive data has put them in the spotlight.

Ongoing Investigation and FBI Involvement

SitusAMC is still assessing the extent of the damage and has reported the incident to law enforcement. The FBI is involved, but they assure the public that everyday banking operations remain unaffected. The incident highlights the growing reliance of banks on third-party technology services and the risks that come with it.

Investor Concerns and Future Implications

The breach serves as a reminder for investors to consider how much banks depend on external tech providers. A single vulnerability in a third-party system can have far-reaching consequences for major financial institutions. While banking operations continue as usual, the full impact will depend on the outcome of SitusAMC’s investigation.