Big banks key to LandMark White’s future


“At the end of the day the banks have got to make a decision, do you look after this company that’s gone above and beyond and done everything that’s been asked of us, as far as security goes and we have given them every bit of information as they have asked, or leave us leave us off and let some petty criminal get their way or some ex-employee potentially who is very unhappy.”

The slowing home loan market contributed to a fall in the profits of valuer LandMark White.

He confirmed some staff have been made redundant and others have taken voluntary leave.

Mr Perrett said it was now up to the banks to go through their own process and make a decision, “which we expect soonish”.

He added, “two of the big four have been very good, but a couple we’re just not sure where they are up to a the moment”.

Mr Perrett strongly denied reports the group knew of the security breach in 2017 or that he had changed his story from when it first became aware there was an issue.

An IDCARE report was commissioned and released last Friday which identified there had been 25 customer’s files had been potentially compromised.

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The report says: “IDCARE does not assess this incident to present a serious risk of harm to the impacted individuals”.

There was concern the leak contained details of addresses and bank details that could lead to identity theft but Mr Perrett said it had been confirmed the information was ”benign”.

But Mr Perrett admitted there was some “vulnerability” in a previous system that was first installed in 2012.

“I joined eight months ago and we were in the process of upgrading our systems .. security, IT systems so we can be the best in the business.. and that’s where we were heading,” Mr Perrett said.

The company was alerted to activity on its system via a tweet in early January, but it could not be opened and was considered spam.

The big four banks have all confirmed they have been in communication with LandMark White since it revealed it had been the subject of a data breach in late January.

Adding to the pressure, is the weaker residential market which has seen a drop in home loans and therefore the need for valuers. In late January LandMark White issued an earnings downgrade and it is expected to be hit further when trading resumes. It last traded at 38¢ per security.

Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.

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