There has been widespread media coverage about the recent CTS cyber-security incident which has reportedly affected around 80 conveyancing firms causing delays to some transactions. CTS is a UK based provider of managed IT services for law firms and other professional services firms and it confirmed last week that it was experiencing a ‘service outage’ resulting from an unspecified cyber-incident. The situation is ongoing and the statement on the CTS website has not changed since last Friday (see Update on Service Outage | CTS).
Our clients are not directly affected because our firm does not use their systems. However, we are checking the position on all of our matters to find out whether other solicitors or lenders involved in transactions are affected. Some of the affected firms do not have access to emails, phones or case management systems and so cannot exchange or complete. Other firms have reported that they can access emails and may be able find workarounds to allow transactions to progress.
The story has been widely reported and was featured in the Telegraph today and by BBC News yesterday and there is understandable concern about this situation. This is a stressful time for any buyers and sellers that are affected, whether directly or as a result of another transaction in the chain, and it is important for all professional advisors to work together collaboratively and constructively to ensure that transactions can progress.
Property buyers have said their home completions are being left in limbo after a company providing IT services to law firms was hit by a cyber-incident