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CTS announced that it had been dealing with a cyber attack late last week. An attack that affected around 80 Law firms in the UK and the conveyancing market. The attack bought house sales to a standstill for some people, as conveyancers have been unable to complete transactions for their clients. Affecting completing chains of some people not affected by the hack.
There has been no update from CTS the effected MSP, leaving those affected with no information as the cause of the incident and how long it will take to rectify. It’s difficult to reach a conclusion as to the rectification date, leaving those impacted out on a limb.
It’s small consolation to those effected, but its likely that failing to compete maybe a breach of contract and a further example of the aggregated losses that a cyber attack causes those in the software supply chain. Relying on insurance to cover applicable losses ‘Right of Bang’.
Ted Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement
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