SitusAMC Confirms Data Breach Affecting Client Records

SitusAMC, a leading provider of investment advisory, outsourcing talent, and technology solutions to the commercial and residential real estate finance industries, recently confirmed that it had suffered a security breach. 

The firm published a report on November 22, stating that it became aware of a security incident ten days prior, on November 12. Upon investigating the matter, the company was able to determine that the breach resulted in certain information from its systems being compromised. 

Specifically, the corporate data associated with certain clients’ relationships with the firm, such as accounting records and legal agreements, has been impacted.

This put major banks in the US on high alert, as a technology supplier exposed sensitive customer data and accounting records. However, the firm said that the scope, nature, and extent of such impact remain under investigation by both the company and its advisors.

Clients Have Been Impacted But The Service Is Once Again Operational

SitusAMC noted that it started the investigation immediately after becoming aware of the incident, and it involved legal experts. It also notified federal law enforcement authorities, and it continues to collaborate with them as the investigation remains ongoing. 

It also started taking measures to assess and contain the incident. Right now, the incident is considered contained, and SitusAMC’s services are once again fully operational, as no encrypting malware was involved with the attack.

The company also claims that it is maintaining regular contact with its clients about the matter, and it will remain focused on analyzing any potentially affected data. Moving forward, it will provide updates to its clients directly as the investigation progresses.

SitusAMC sent a letter to customers impacted by the breach, explaining the situation. As for what information was involved, the firm said: “We have confirmed that certain of our clients’ data was impacted. Corporate data associated with your relationship with SitusAMC such as accounting records and legal agreements, has been impacted. Certain data relating to your customers may also have been impacted. The scope, nature, and extent of such impact remain under investigation by the Company and its third-party advisors.”

However, many are speculating about the event, noting that the exposure is likely to be far-reaching, as SitusAMC performs mortgage origination, servicing, and payment collection for hundreds of banks and lenders across the country.

The sources close to the investigation have shared that JPMorgan Chase, Citigroup, and Morgan Stanley are among the banks notified that their client data may have been exposed.