A significant cybersecurity issue has caused disruptions in the property legal sector in the UK [2]. This has resulted in delays in exchanges and completions for conveyancing firms. The issue is believed to be the result of a cyberattack on CTS, an IT company that provides services to property conveyancers. This incident has affected numerous law firms, including Taylor Rose [2], Gateley [2], Talbots [2], Setfords [2], and O’Neill Patient [2]. There are concerns that this incident may lead to an IT data breach similar to one experienced by Simplify two years ago. However, O’Neill Patient has assured that no data integrity has been compromised and they are actively working to resolve the issue [2]. CTS has also confirmed the cyber incident and is collaborating with a cyber forensics firm to investigate and restore their services [1]. The disruptions caused by this outage have put thousands of home moves at risk of being delayed, raising concerns about the potential impact on the property market.
Description
A major cybersecurity issue has caused disruptions in the property legal sector in the UK [2]. Conveyancing firms are struggling to access necessary systems [1] [2] [3], leading to delays in exchanges and completions [2]. The issue is believed to be caused by a cyberattack on CTS [2], an IT company that provides services to property conveyancers. This cyber incident has affected up to 80 law firms, including Taylor Rose [2], Gateley [2], Talbots [2], Setfords [2], and O’Neill Patient [2]. The incident has prompted fears of an IT data breach similar to one experienced by Simplify two years ago [2]. However, O’Neill Patient has issued a statement assuring that no data integrity has been compromised and that they are working to resolve the issue [2]. CTS has also issued a statement [2], confirming the cyber incident and stating that they are currently working with a cyber forensics firm to investigate and restore their services. The disruptions caused by this outage have put thousands of home moves at risk of being delayed, causing concerns about the potential impact on the property market.
Conclusion
The disruptions caused by this cybersecurity issue have had significant implications for the property legal sector in the UK. Delays in exchanges and completions have put thousands of home moves at risk of being delayed, which raises concerns about the potential impact on the property market. However, O’Neill Patient has provided reassurance that no data integrity has been compromised and they are actively working to resolve the issue [2]. CTS is collaborating with a cyber forensics firm to investigate and restore their services [1]. It is crucial for the affected law firms to address the cybersecurity issue promptly and implement necessary mitigations to prevent future incidents. The incident serves as a reminder of the importance of robust cybersecurity measures in the property legal sector and highlights the need for ongoing vigilance to protect sensitive data and maintain the integrity of the industry.
References
[1] https://www.gbnews.com/money/property-for-sale-exchange-completion-cybersecurity-outage
[2] https://propertyindustryeye.com/eye-newsflash-major-cybersecurity-issue-preventing-transactions-progressing/
[3] https://www.infosecurity-magazine.com/news/cyber-attack-disrupts-uk-property/
