US banks scramble to assess data theft after hackers breach financial tech firm

A significant cyberattack on a New York-based financial technology firm has prompted urgent evaluations among major U.S. banks and mortgage lenders regarding the extent of customer data compromised. SitusAMC, which supports over a thousand clients in the commercial and real estate sectors, confirmed the breach occurred on November 12, revealing that hackers accessed corporate data related to its banking partnerships, including sensitive accounting records and legal documents. The firm stated that the investigation into the attack's breadth and specifics is ongoing, but reassured clients that the incident is now contained and its systems are functioning normally. Notably, SitusAMC clarified that no ransomware was involved, indicating the attackers aimed primarily at data extraction rather than system destruction. Reports from Bloomberg and CNN suggest that SitusAMC has notified several prominent financial institutions, including JPMorgan Chase, Citigroup, and Morgan Stanley, about the data breach. The firm also serves pension funds and government entities, underscoring its role in the financial ecosystem despite being lesser-known to the general public. The full impact of the breach remains unclear, particularly regarding how many customers may be affected. SitusAMC serves as a critical intermediary, managing vast quantities of confidential banking information for its clients, processing billions of documents related to loans each year. TechCrunch reached out for comments but received no response from representatives of Citi, JPMorgan Chase, or Morgan Stanley. SitusAMC's CEO, Michael Franco, was also unavailable for comment. Meanwhile, the FBI has launched an investigation into the breach, although a spokesperson did not provide additional information outside of regular business hours.