LandMark White counts cost of second data breach

Enters third trading halt

LandMark White has voluntarily entered a trading halt as it works to calculate the impact of a data breach on its revenues.

The ASX-listed property valuation firm revealed late last month that a number of internal documents had been posted on a document-sharing service. The company has claimed the publication of the documents was a deliberate act of sabotage and says it has reported the incident to NSW Police.

The disclosure of the data breach, which the company says does not qualify as a Notifiable Data Breach under the Privacy Act, comes in the wake of LMW shaving millions off its revenue forecasts. That followed a data breach involving hundreds of thousands of documents being accessed by a third party and posted on a darkweb forum.

As the company sought to address the impact of that breach it twice entered a trading halt. The breach also led to LMW’s CEO departing the company.

Major clients of the valuer have again suspended their use of LMW services, the company said in a statement released yesterday to the ASX. They include the Commonwealth Bank of Australia, ANZ, NAB, Bankwest, Bendigo & Adelaide Bank, Suncorp, HSBC, and Latrobe.

“The resulting loss of revenues will have a material impact on the performance of LMW but LMW is not able to provide the market with reliable guidance at the current time as it continues to work with the clients to establish a roadmap and timeline for lifting of the suspensions,” LMW said in a statement.

The company expects to release a further announcement before the ASX opens on 7 June.