PSN down on PS4 with reports of error code ‘NW-31201-7’

There appears to be an issue with PlayStation Network on the PS4. According to multiple users (via TSA), PS4 owners attempting to sign on to PSN are being greeted with error code "NW-31201-7" and a message that tells you that you can't connect to the server. 

PlayStation Support, which lists PSN as "offline," has issued the following statement:

"PlayStation 4 users are currently unable to access the PlayStation Store and may experience connectivity issues with PSN. We apologize for the inconvenience and are working to resolve the situation as quickly as possible."

In an update, TSA reports that users are able to sign in to PSN once again, though the PlayStation community message board and Twitter are still littered with folks' reporting the error.