LandMark White in trading halt following fallout from data breach

Written on the 15 February 2019 by David Simmons

LandMark White in trading halt following fallout from data breach

Property valuer LandMark White (ASX: LMW) has gone into a trading halt pending a statement regarding the fallout from a data breach that occurred on 4 February 2019.

The company said at the time that a data set containing property valuation and some personal contact information was disclosed because of a vulnerability in one of LMW's valuation platforms.

The fallout from the data breach has seen major banks suspend important contracts.

The Commonwealth Bank, National Australia Bank, and ANZ have all suspended contacts with the valuer and are working closely with LMW and affected customers to investigate the breach and ensure customer data is protected.

The company expects to lift the trading halt on Monday 18 February.

On 5 February the company announced it was working closely with cyber security consultants to investigate the circumstances of the data breach as well as the impact of what was disclosed.

"We have taken immediate steps to secure what we believe to be the source of the disclosure to prevent any further disclosure of data," said LandMark White last week.

"Currently there is no evidence of misuse of any information although this remains under close review."

LandMark White also said it was cooperating with affected corporate partners as well as law enforcement bodies, the Office of the Australian Information Commissioner, and the ASX.

In late January the company announced that it was experiencing reduced business from firs-tier lenders.

As a result the company said it did not anticipate a return to above trend volumes during FY19. LandMark White therefore reduced its FY19 revenue guidance from $56.8 million to $55 million, EBITDA to be $5.3 million instead of $7.1 million and NPAT to be $2.8 million instead of $4 million.

Shares in LandMark White closed at $0.43 before the trading halt.

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Author: David Simmons

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