Real estate finance vendor SitusAMC has confirmed a data breach where hackers stole confidential client data, including accounting records and legal agreements. The breach potentially impacts major financial institutions like JPMorgan Chase and Citi who rely on SitusAMC’s services.
Business Impact
This supply chain breach exposes sensitive financial agreements and client details held by a third-party vendor. While it was not a ransomware encryption event, the theft of legal and accounting records creates significant regulatory and reputational risks for the affected banks and their clients.
Why It Happened
Attackers infiltrated SitusAMC’s network earlier this month. The company has ruled out “encrypting malware,” suggesting the attackers’ primary goal was data exfiltration for espionage or extortion.
Recommended Executive Action
Review your organization’s exposure to SitusAMC. If you are a client, expect potential phishing attempts using the stolen financial context. Strengthen Third-Party Risk Management (TPRM) audits for vendors handling sensitive financial or legal records.
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