Ransomware attackers hit major title industry cloud services provider Cloudstar, stopping an untold number of loans from closing on Monday.
The ramifications for the title and mortgage industry may extend beyond the immediately impacted loan applications. Late Monday afternoon, Cloudstar’s services were still offline.
In a statement, Cloudstar said it had already brought on third-party experts to assist in recovery efforts, and had already alerted law enforcement. The company declined to provide a definitive restoration timeline. Experts said that such incidents typically take 10 days to two weeks to resolve.
“We will continue to investigate this incident and provide updates to our customers as we have additional information to share,” a Cloudstar spokesperson said.
Cloudstar declined to specify how many clients the outage affected. But with Cloudstar services still offline Monday, a large segment of the market could be left unable to close. The American Land Title Association said Cloudstar operates six data centers in the United States and has more than 42,000 users.