Australian Property Institute backs LandMark White

Australian Property Institute backs LandMark White

The property industry's professional organisation has come out in support of LandMark White (ASX: LMW) following the property valuer's back-to-back data breaches.

The Australian Property Institute (API) is providing support to LMW and other members of the organisation affected by cybercrimes.

API CEO Amelia Hodge (pictured) says the organisation will support LMW as it continues to investigate the latest data breach, allegedly committed by someone known to LMW.

"Cybercrime is one of the major tech crimes of our time and perpetrators must be brought to justice and handed the harshest of penalties," says Hodge.

"Our banking clients have mobilised large teams of experts to manage the identification of, and notification to, potentially affected customers and their own executive and boards.

"Our individual API member firms have also invested a significant amount of organisational, financial and personal resources into increased analysis, testing and certification of data security systems."

READ MORE: Are businesses taking the threat of cybercrime seriously?

LMW is currently suspended from the ASX as it deals with the fallout from the second data breach at the property valuer this year.

Following the second data breach, which was announced at the end of June, clients like Commonwealth Bank (ASX: CBA), NAB (ASX: NAB), and ANZ (ASX: ANZ) have suspended LMW from receiving their work.

LMW says these suspensions are impacting revenue, profitability and cashflows, hence the voluntary suspension request.

The property valuer only recently emerged from an ASX suspension at the beginning of May, in the wake of a cyber-attack that saw customer information published on the dark web. When the company resumed trading in May LMW revealed that the cost of the first incident would hit the group's revenue by $7 million.

This latest suspension relates to a data breach where company documents were posted to US file sharing platform SCRIBD on Wednesday 29 May 2019 by an individual known to LMW. The valuer first notified the market and clients on the night of 30 May 2019.

LandMark White has refused to characterise the data breach as a cyber-attack, rather suggesting it is "the deliberate acts of a person known to LMW".

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