Cyber Incident Hits Property Transactions: Property buyers are currently grappling with delays and uncertainty due to a cyber-attack on CTS, an IT service provider crucial to the functioning of law firms involved in real estate transactions. The attack, which occurred last week, has left the company unsure of when normal services will resume.
Impact on Home Completions: The disruption caused by the cyber-incident has left many property completions in limbo. The process, typically involving the transfer of funds from the buyer’s solicitor to the seller’s, is now at a standstill, potentially breaching contracts and causing significant distress to involved parties.
Social Media Outcry: Affected buyers have taken to social media platforms, expressing frustration and distress over the lack of communication and prolonged issues. Complaints range from inadequate updates to the severe impact the delays are having on their lives.
Ongoing Investigation and Uncertainty: CTS has acknowledged the cyber-incident on its website and social media, citing an ongoing investigation with a leading cyber forensics firm. However, the company has been unable to provide a specific timeline for the restoration of its services, adding to the uncertainty faced by clients and law firms.
Regulatory Advice and Guidance: The property law regulator, the CLC, has acknowledged the disruption and advised law firms to maintain open communication with their counterparts to minimize consumer harm and transactional disruptions. They emphasize the need for transparency during this challenging period.
Call for Cyber Resilience: The incident has highlighted the importance of robust cyber security measures in the legal sector. CTS’s website now features guidance on how law firms can enhance their capabilities to detect and respond to cyber threats, underscoring the urgency and significance of cyber resilience in the industry.
The cyber-attack on CTS has put a spotlight on the vulnerability of digital infrastructures in the real estate sector, impacting numerous transactions and highlighting the need for improved cybersecurity measures and transparent communication strategies in times of crisis.