Major Banks Reeling After Data Customer Data Leaked in Cyber Attack Against SitusAMC

According to TechCrunch, SitusAMC, a company that provides technology for major banks like JPMorgan, Citigroup, Morgan Stanley, and even state governments, has had a major breach of customer data including “accounting records and legal agreements.”

SitusAMC provides mechanisms and technologies and acts as a middleman for banks and financial institutions to comply with government regulations. As such, they handle large amounts of sensitive data that‘s not publicly accessible.

TechCrunch reached out to SitusAMC and several affected banks asking if they had received demands for money, but none responded.

The FBI says that they have identified no operational impact to banking services. This and the lack of encrypting malware normally used in ransomware attacks suggests that the attack was purely meant to exfiltrate data.

The banking sector remains a juicy target for hackers due to the huge amount of personal data they process about customers. Perhaps we should question whether so many institutions should be trusted with our personal data, and if a future where banks don’t collect and send so much of it to third parties is possible.