The ransomware attack certainly didn't help, but it is wildly misleading to say, or even imply that caused them to shut down.
The actual reasons:
(a) They filled a niche that didn't need to be filled anymore. They used to absorb students from other local universities (ISU, UIS, UIUC). Those schools have realized the value of helping their own students be successful, leading to declining enrollment.
(b) They were previously a community college, and began awarding bachelor's degrees. They were then fighting in a weight class way above what they were used to, and never really got their feet under them (to use some mixed metaphors).
(c) They were expensive for the quality. They gave a good education, but had zero connections to business and industry to justify the cost.
(d) They had a pipeline from Chicago's south and south-east side that has recently been sniped by large state schools, leading to a decline in enrollment.
For context, I worked with them on enrollment management and declining enrollment a decade ago.