Client data from major US financial institutions, including JPMorgan Chase, Citi, and Morgan Stanley, may have been exposed following a cyberattack on technology vendor SitusAMC. The compromised data includes corporate documents, accounting records, and legal contracts.
Business Impact
This supply chain breach highlights the concentrated risk in the financial services vendor ecosystem. While banking operations remain unaffected, the exposure of sensitive client contracts and financial records creates significant legal and reputational risks for the affected banks.
Why It Happened
SitusAMC, a key provider of technology and services to the mortgage and finance industry, was targeted by cybercriminals. The attack did not involve encryption but focused on data exfiltration, a common tactic for extortion.
Recommended Executive Action
Review your Third-Party Risk Management (TPRM) posture for all critical vendors. Ensure legal and compliance teams are prepared for potential regulatory notifications. Verify that vendors holding sensitive financial data adhere to strict security standards.
Hashtags: #DataBreach #SupplyChain #Finance #JPMorgan #Citi #MorganStanley #CyberSecurity #InfoSec #TPRM