SitusAMC Cyber Hit Puts JPMorgan (JPM), Citi (C), and Morgan Stanley (MS) Data Under Review

A cyberattack on a real estate tech vendor has affected some of the largest banks in the country. SitusAMC, a provider of investment advisory services in the real estate finance industry, said it discovered a breach on November 12 and that the event may have exposed client files tied to its work with the firm. The files include accounting papers and legal notes. The firm said the breach did not involve encrypted malware and that its systems are now running as usual.

Meanwhile, The New York Times reported the breach may have reached client data for JPMorgan Chase (JPM), Citi (C), and Morgan Stanley (MS). These banks did not respond to Reuters’ inquiry. The vendor also did not name the firms hit by the event. Even so, SitusAMC said it is still reviewing the data to determine what was affected and that law-enforcement agencies have been notified of the incident.

Impact on Banking Services

At the same time, the report said the Federal Bureau of Investigation is in contact with groups linked to the breach. The agency said it has not seen any effect on day-to-day banking work. Reuters stated it could not reach the agency for any further details, and the vendor said the breach is now contained. As a result, the event now looks like a third-party risk case rather than a direct hit on bank tech.

For investors, this event also shows how large banks rely on many outside tech firms. As a result, a flaw at one vendor can still touch files at the banks. Even so, the banks continue to operate as usual, and the data review now depends on the vendor’s full check.

We used TipRanks’ Comparison Tool to line up side by side the three banks appearing in the piece. It’s an excellent tool for investors to gain a broader look at each stock and the banking industry as a whole.