The company, which provides cloud-hosting and data security to 42,000 users, is still offline.
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Good afternoon —
Ransomware attacks have made big news this year, and unfortunately those attacks have now hit the title and settlement space. News broke this weekend that a cloud services provider for many title and settlement companies, Cloudstar, was the latest victim of this kind of cyberattack. The company, which provides cloud-hosting and data security to 42,000 users, is still offline.
ALTA's reporting quoted Cloudstar President Chris Cury: "Due to the nature of this attack, at this time our systems are currently inaccessible, and although we are working around the clock, we do not have a definitive restoration timeline. We will continue to investigate this incident and provide updates to our customers as we have additional information to share."
The attack may lock out companies of their backup files as well, since a cloud hosting provider usually hosts its clients' backup data. Closings all over the country are likely to be affected. Even communicating with mortgage borrowers could be difficult if companies also used Cloudstar to host their email data.
Software providers and title companies not affected by the attack are jumping in to help in the meantime, including SoftPro, RamQuest, Premier One and Qualia. Qualia, for example, is offering three free months on its web-based platform so affected title and settlement companies can keep their closings moving forward. Matt Kauffman, Qualia's VP of marketing, said his company is also reinforcing its onboarding teams to handle more volume.
HousingWire is working to understand how many companies might be affected, and will publish updates as we find out. Stay tuned, and stay safe.
Margaret Redman has been named director of national commercial services and senior regional underwriting counsel for North American Title Insurance Co.
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HW Media CEO Clayton Collins recently spoke with Xome CEO Mike Rawls about the challenges servicers are navigating and how they can set themselves and their homeowners up for success as people reach the end of their maximum forbearance.Presented by Xome
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