JPMorgan Chase, Citi, and Morgan Stanley are evaluating the impact of a cyber breach involving SitusAMC, a vendor that processes mortgage data for numerous financial institutions. The breach was detected on November 12 and confirmed on November 22, with attackers accessing sensitive corporate and customer information. SitusAMC reported that while the exact scope of the data compromise is still under investigation, it includes critical details like accounting records and possibly customer data. The FBI is involved but has not found any operational disruptions to banking services. This incident highlights escalating risks associated with third-party vendors in the financial services sector. Data from Venminder reveals that third-party breaches accounted for 30% of all data breaches in 2024, a 15% rise from the previous year. The financial industry is particularly vulnerable, with a spike in attacks targeting third-party systems and vendors. Significant breaches earlier in 2024, such as those affecting Microsoft and Dropbox, underscore this trend. In response, regulatory bodies like the SEC and FINRA are tightening requirements for firms regarding vendor oversight and cybersecurity protocols. SitusAMC has implemented several measures in the wake of the breach, including credential resets and enhanced security settings. While the company claims the incident is contained and services are operational, there are no specifics on how many clients might be affected or when the investigation will conclude. They are committed to keeping clients informed as they analyze the compromised data.