Financial sector tech vendor investigating cyberattack
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Major banks are scrambling to understand the fallout of a recent cyberattack on just one technology vendor.
Why it matters: The security of customers' sensitive information could be hanging in the balance as large banks and financial services companies investigate how much hackers made off with.
Driving the news: The New York Times reported Saturday that JPMorgan Chase, Citi and Morgan Stanley are among the banks that have been notified that client data may have been exposed in a recent cyberattack.
- SitusAMC, a vendor of hundreds of banks and other lenders, said Saturday it discovered a cyberattack on its networks on Nov. 12 that compromised some of its systems.
- The hackers may have stolen accounting records, legal agreements and bank customers' information, SitusAMC said, and "no encrypting malware was involved" in the attack.
What they're saying: FBI Director Kash Patel said in a statement, "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," he added.
- JPMorgan and Morgan Stanley declined to comment. Treasury's Office of the Comptroller of the Currency — which receives reports of cyberattacks from U.S. banks — also declined to comment.
Between the lines: SitusAMC helps banks and lenders process loan applications, meaning it handles a trove of highly sensitive information about customers who are applying for mortgages and other real estate loans.
- Every bank uses SitusAMC's tools to varying degrees, leaving some institutions more exposed than others.
The big picture: Attacks on major tech suppliers are one of the easiest ways for hackers to make off with large swaths of data with minimal effort.
- Hackers can leverage their access to a single company's networks to comb through hundreds of high-value customers' sensitive information — and subsequently leverage that information to extort victims.
What to watch: It's not yet clear how hackers broke into SitusAMC and how many customers were affected.
Go deeper: How one cyberattack causes relentless ripple effects
📲 Have information about the extent of the SitusAMC attack? Reach me confidentially on Signal: @SamSabin.01.
