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LandMark White reinstated to major bank panel

LandMark White reinstated to major bank panel

A big four bank has resumed business with the embattled residential property valuations firm, following a cyber attack that exposed the private information of financial services customers.

LandMark White (LMW) has announced that it has been reinstated by the Commonwealth Bank of Australia (CBA) to its panel for residential valuations.

The company has been working closely to restore the trust of financial institutions over the past few weeks, after it was revealed that a data breach of LandMark’s software exposed the private information of customers.

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The valuations firm said that it has been working to ensure its systems and networks are subject to the highest level of security and monitoring, adding that it has made significant enhancements to its information security procedures, including anonymisation of private details on completed valuations.

LMW liaised with CBA’s Data Protect Group to assess and improve its data security environment, with the company also committing to a framework for robust risk management and continuous improvement.

In addition, the company said it would continue to maintain an open and transparent dialogue with all of its clients’ information security leaders as it reinstates the flow of valuation requests.

Following the announcement, Keith Perrett, chairman of LandMark White, said: “Our focus from day one has been to work through this incident thoroughly with our corporate partners, financial institutions and affected customers, to resume business activity as quickly as possible.

“We’re pleased a number of financial institutions have reinstated LMW to its panel of valuation providers, including one of Australia’s major lenders. Commonwealth Bank recognised the risk to our company, our staff and shareholders, and reviewed the enhancements to our systems and networks in an efficient manner while also ensuring its affected customers were supported. 

He added: “It’s a great sign of faith in our company and our people, and I thank the Commonwealth Bank for the support they have shown LMW in the last few weeks. We are confident we now have one of the most secure systems and networks for a property valuation company in Australia.

“The safety of customer data will always be of paramount concern to both LMW and Commonwealth Bank, and we are committed to working together to ensure that our company’s data privacy, security standards and internal processes meet or exceed their requirements.”

LMW said that it would also continue to work closely with Australia’s other major financial institutions to reinstate the firm’s software, with the likes of NAB and the Bank of Queensland (BOQ) also affected by the data breach.

“Getting back to work is not just important for our 400-loyal staff, but also for our shareholders – many of whom are everyday families and retirees across Australia,” Mr Perrett added.

“We have been a trusted member of the industry for nearly 40 years and with the support of all the major banks, we’re confident we’ll be here for another 40 years and longer.”

Mr Perrett recently accepted the resignation of LandMark’s former CEO, Chris Coonan, off the back of the cyber attack.  

According to Mr Perrett, the former CEO departed in mutual agreement with the company amid “major reputational damage”.

Mr Perrett also claimed that the decision was influenced by the “changing nature” of LandMark’s business and current market conditions, which have altered the stipulations of his role and executive leadership expectations.

The chairman noted that the group is currently searching for Mr Coonan’s replacement, and appointed Timothy Rabbitt, managing director of Taylor Byrne, as its acting chief executive.

LMW announced its merger with Taylor Byrne in October 2018.

[Related: LandMark CEO resigns following data breach]

LandMark White reinstated to major bank panel
Keith Perrett
mortgagebusiness

 

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