Reports of the outage began on Tuesday afternoon, and today Macquarie Telecom has issued a statement confirming the issue.
"We are still working on a detailed analysis of the cause of the outage, but can confirm that it relates to a Storage Area Network at our Intellicentre 1," the company said.
"Over the last 48 hours, 65 customers have experienced network outages that have left them unable to access cloud storage. Our technicians have been working around the clock to identify and fix the issue, and the majority of customers were back online within 12 hours."
Currently, there are eight remaining customers that are still affected by the outage, but Macquarie Telecom expects to fully restore services to them by the end of today.
The company is also making amends for the outage, stating that it will apply a rebate on affected customers' bills for the period of the outage.
Macquarie Telecom said that its own staff, including the CEO, has contacted all affected customers, and will continue to keep them updated as it resolves the situation.