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Friday, 22 February 2019 05:37

LMW suspends trading after lifting suspension for a day Featured

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LMW suspends trading after lifting suspension for a day Pixabay

Property valuation firm LandMark White's, now known as LMW, has again called a halt to trading on Tuesday saying that a significant number of its clients are yet to resume doing business with the firm after the announcement of a data breach on 5 February.

The breach affected more than 100,000 customers of a number of banks and has affected its customers as well.

The company said in an update on Monday that it had resumed trading as of that day, only to issue a notice to the ASX the next day saying that trading would again be halted as it did after the incident became public. "We have resumed trading on the ASX as of Monday 18 February, and we look forward to re-establishing work flows with our banking and financial institute partners in the near future," it said in Monday's update.

But in Tuesday's ASX notice, company secretary John Wise said: "As a result of the incident, LMW has been suspended from receiving work from a significant number of our clients which is impacting our revenues, profitability and cashflows.

"At this point in time we are unable to ascertain when these clients will reinstate LMW and hence when LMW will be in a position to assess with any certainty the financial impact of the incident.

"In addition, LMW anticipates that continued public commentary does not allow for an informed market for trading in LMW securities.

"LMW expects that it would be able to provide the market with accurate information relating to the financial impact of the incident and hence a forecast for FY2019 within the next two to four weeks and lift the suspension at that time."

LMW is also trying to paint itself as a victim of the breach, saying: "Although LandMark White is one of the victims of this cyber crime, we take responsibility for this incident and deeply and sincerely regret that this incident has occurred."

In an earlier update, LMW has said that the data that leaked was available on the dark web for more than 10 days. The leaked dataset contained:

  • Approximately 137,500 unique valuation records, and approximately 1680 supporting documents.
  • Approximately 250,000 individual records in total, many of which were duplicates.
  • The date range of the documents was between 4 January 2011 and 20 January 2019.

LMW has said that it shut down a security vulnerability on 23 January but was not aware at that point that data had leaked.

The company, one of the bigger property valuers in Australia, said on 5 February it became aware through corporate partner CoreLogic "that a dataset containing property valuation and some personal contact information had been disclosed".

LMW was founded in 1982 and listed on the Australian Stock Exchange in 2003. It employs 450 staff across the country and 99.7% of its shareholders are in Australia.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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