Landmark White

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Australian property valuation company LandMark White, following its recent dark web leak controversy, has announced that the company will continue operating under a new name – Acumentis.
The new brand will combine both LandMark White and Taylor Byrne, which was acquired in October 2018.
The controversy saw numerous valuation clients pulling out for a period following an <a href="https://www.urban.com.au/news/97201-landmark-white-see-westpac-return-after-dark-web-data-privacy-breach" target="_blank">initial data breach</a> that cost up to $7 million.
Acumentis will continue as one of Australia's largest independent property valuation and property consultancy firms, with 40 offices and more than 300 staff in metropolitan and regional locations around the country.
Timothy Rabbitt will continue as Chief Executive Officer of Acumentis which will offer an expanded range of valuation, advisory services and an increased geographical coverage.
Mr Rabbitt is joined by a refreshed Board and leadership team, expanded services and a simplified business structure. The new brand name will not affect any service contracts and agreements in place with LandMark White or Taylor Byrne.
The company said that it now has the "industry’s most secure IT platform," holding ISO 27001 certification, following considerable investment and system enhancements made in 2019.
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j.ballantyne1990-6AQqhLzZaK

Landmark White rebranding and expanding under new title Acumentis

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There has been an arrest following the data breaches at property valuation firm Landmark White earlier this year.
The NSW Police Force Cybercrime Squad were acting on the <a href="https://www.urban.com.au/news/94968-landmark-white-limited-reports-property-valuations-data-breach" target="_blank">cyber security hacks </a>that occurred in February <a href="https://www.urban.com.au/news/99840-landmark-white-s-viability-in-doubt-after-second-saboteur-valuation-leak" target="_blank">and June</a>. 
In June detectives from the NSW State Crime Command’s Cybercrime Squad established Strike Force Vide to investigate unauthorised access to the main database and document store of the company.
With the assistance of company staff, investigations identified that unauthorised access was gained into the company’s database and more than 170,000 data records including personal information and valuation documents were uploaded to the dark web and the internet.
Following extensive inquiries, strike force detectives arrested a 49-year-old man in Sydney’s CBD about 8am today.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/2/Landmark%20White%20NSW%20Police.jpg" alt="">
Shortly after the arrest, detectives, assisted by the Public Order and Riot Squad, executed a search warrant at a home at Rozelle, and a crime scene warrant at a business data centre at Ultimo.
The man, who is a software contractor, has been taken to Surry Hills Police Station, where he is expected to be charged.
Investigations under Strike Force Vide are continuing.
Timothy Rabbitt, CEO of LMW, said “the arrest was a great relief for the business and our staff, and would help ease the stress many of our staff have felt over the last six months”. 
“The arrest was also a vindication of LMW’s stance that this was a serious crime committed against the company. We are grateful that the person arrested was not an employee.
“We hope today’s arrest will bring closure to these data incidents and will give confidence to LMW’s clients, partners and staff, that we can continue to provide a secure long-term work environment for our staff and a quality service to our clients.”
LMW’s team, including appointed digital forensic advisors and privacy consultants, have been working closely with the Cybercrime Squad since the incident occurred.
 Investigations have revealed that the breach was carried out by an individual external to LMW with trusted inside access
Landmark White, who estimated that the breaches <a href="https://www.urban.com.au/news/98248-landmark-white-data-breach-to-cost-over-6-million" target="_blank">cost the company over $7 million</a>, have since <a href="https://www.urban.com.au/news/104174-landmark-white-get-anz-back-on-board-after-data-breaches" target="_blank">got ANZ back on board</a> as they try and rebuild. 
The company has undertaken a significant investment in IT security and other system enhancements, engaging external network security experts.
“The enhancements to our network security allow us to demonstrate via third-party audit that our IT systems represent a best-practice, secure platform," Rabbitt says.
"In driving these ongoing enhancements, our goal is always to provide services to our clients in an efficient, cost-effective and secure manner,” 
Rabbitt said the incident had caused significant disruption to its business and caused a great deal of stress and angst to our staff, but that the events of this year had made the firm stronger.
“A number of financial institutions with whom we’ve had long-term relationships have reinstated LMW to the panels of valuation providers, which is fantastic.
"We are also extremely grateful to our 300 loyal staff, who have continued to work with us to put our clients first,” Rabbitt said. 
“We have been a trusted member of the industry for over 40 years, and we look forward to putting this incident behind us and getting back to work with all our clients and partners across Australia.”
 
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jrobinson-rf4aSBido9

NSW Police make arrest of alleged Landmark White dark web cyber hacker

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The property valuation platform Landmark White are making steps to get back on track after two data breaches earlier in the year.
They were dropped by all of the big four banks after a <a href="https://www.urban.com.au/news/94968-landmark-white-limited-reports-property-valuations-data-breach" target="_blank">cyber security breach in February.</a> There was a <a href="https://www.urban.com.au/news/99213-landmark-white-reports-more-private-valuation-files-posted-online" target="_blank">later breach in May.</a>
They have managed to get ANZ back as a client, according to the Australian Financial Review, however Westpac, NAB and CBA are yet to sign back up.
John Wise, chief financial officer of LMW, told the AFR they anticipate their reinstatement in of the company in the near future.
In their full year statutory accounts submitted to the ASX, LMW advised revenues were hit between $6 million to $7 million, with an after tax loss of $15.1 million for the year to June.
They advise their $5.44 million capital raising "will enable the business to restructure its operations in line with an anticipated lower ongoing revenue base following the data disclosure incidents.
"This will enable the business to return to profitability and positive cashflows," LMW stated.
LMW returned to the ASX in August with <a href="https://www.urban.com.au/news/103244-landmark-white-shares-fall-to-9-cents-on-return-to-asx" target="_blank">shares plummeting to 9¢</a>.
Early morning trading has been at 12¢ a share. 
Timothy Rabbit, who has been the acting chief executive since March <a href="https://www.urban.com.au/news/96461-landmark-white-chief-chris-connan-quits-following-dark-web-data-security-breach" target="_blank">when Chris Coonan stepped down</a>, has been announced as the permanent CEO.
Rabbit joined LMW in late 2018 following the acquisition of Taylor Byrne, a leading regional property valuation firm with 26 offices across Queensland and New South Wales.
"The progress of the company since Timothy's appointment as acting CEO is a testament to his ability to developer a cohesive group across LMW's business units," company chairman Keith Perrett said.
 
 
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Landmark White get ANZ back on board after data breaches

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The former Futuris chief executive Les Wozniczka has emerged as a substantial shareholder in the valuation firm, Landmark White.
He now holds 9.5 percent of the ASX listed company.
His share acquisitions began in May. 
Another significant shareholder to emerge through the recent capital-raising was Noel and Michelle Kagi who hold 14 percent.
Kari, the director of irrigation products wholesaler HR Products, was already a shareholder.
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Landmark White's oversubscribed $5.44 million capital-raising saw many exisiting shareholders not participate. 
Earlier this week the embattled property valuation group Landmark White made its long-awaited return to the ASX, with its shares trading at 9 cents.
Its return follows being hit with <a href="https://www.urban.com.au/news/94968-landmark-white-limited-reports-property-valuations-data-breach" target="_blank">two cyber-attacks earlier this year</a> when confidential home loan information was <a href="https://www.urban.com.au/news/95469-landmark-white-shares-fall-10-percent-after-dark-web-data-revelation" target="_blank">posted illegally on the web</a>.
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Les Wozniczka takes substantial shareholding in valuation firm, Landmark White

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Embattled property valuation group Landmark White made its long-awaited return to the ASX, with its shares trading at 9 cents.
Its return follows being hit with <a href="https://www.urban.com.au/news/94968-landmark-white-limited-reports-property-valuations-data-breach" target="_blank">two cyber-attacks earlier this year</a> when confidential home loan information was <a href="https://www.urban.com.au/news/95469-landmark-white-shares-fall-10-percent-after-dark-web-data-revelation" target="_blank">posted illegally on the web</a>.
Yesterday the group's share price was down around 50 per cent to $0.09 per share from its prior trade. They've been trading at $0.10 over the morning session.
LandMark White shares previously traded at 18¢, before the company requested a trading halt on July 6 following its second privacy security breach.
The company had recently undertaken a <a href="https://www.urban.com.au/news/101670-landmark-white-seek-to-rebuild-value-for-shareholders" target="_blank">$5.4 million capital raising</a> last month at 8¢.
The shares were trading at 34 cents at the beginning of 2019 and at 44 cents a year ago.
Acting chief executive Tim Rabbitt, who will stay for the foreseeable future, admits it had been often harrowing over the past seven months.
Landmark White forecasts it will reduce its annual loss from $15.1 million to $1.5 million. They said the data breach will <a href="https://www.urban.com.au/news/98248-landmark-white-data-breach-to-cost-over-6-million" target="_blank">cost the company up to $7 million</a>.
The group, which values home loan applications for banks and independent lenders, was initially hit with a data security breach in late January, which led it to be suspended from the panels of the four major banks and smaller lenders.
LandMark White returned to trade on the ASX in May, but was hit again with further confidential information posted on the web.
It is not believed that the NSW Police has charged anyone.
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Landmark White shares fall to 9 cents on return to ASX

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The besieged national property valuer Landmark White is seeking to raise $5 million from shareholders to restructure the business.
The company is suspended from trading on the ASX after two data breaches earlier this year.
Several financial institutions suspended their valuations with the firm, forcing its management to come up with its restructure.
Landmark White does not expect its customer workflows to return to their previous levels.
It has been reported it has been hit by an exodus of staff from its Sydney business. About 20 staff have left the franchise business to work at Ray White Commercial.  LandMark White is comprised of the listed corporate head office with under 400 staff and an independent franchise network.
“LMW’s current financial position is such that, in the event that the minimum raise amount is not raised under the offer, the offer will not proceed and the company will not be able to continue meeting its financial obligations when they fall due,” the company said in a prospectus lodged to the ASX at 5pm Friday.
Landmark’s offer, priced at 8c a share, is aimed at raising up to $5.45m and is partially underwritten up to $3 million.
It has appointed Enrizen Capital as the lead manager for the raise. Landmark chairman Keith Perrett said the board had developed a leaner, optimised business model.
“While LMW is now in an operating position to execute a restructuring of the business to rebuild value for shareholders, the company requires additional capital in order to deliver the restructure, optimise the business and continue its operations,” he added.
Landmark is saying it has been propped up by the good grace of its lender, Westpac-owned St George.
“Due to LMW’s financial position, it is … in breach of terms of the facility agreement with St George Bank in respect of both the overdraft facility and bill acceptance facility (facility agreement).
“It is likely that, given LMW’s current financial position, LMW will be in breach of certain terms of the facility agreement until such time as its financial position has returned to the required levels of profitability, which may be a period until June 30, 2020.”
Landmark’s full-year numbers have been hit by the twodata breaches.
The company has posted a net loss after tax of $15.1 million for the year ended June 30, with the breaches wiping out between $6m to $7m of revenue.
It posted a profit of $4.1 million for fiscal 2018.
 
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Landmark White seek to rebuild value for shareholders

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Landmark White's second suspension from the valuation panels of major lenders was having "a major impact on the business and its viability", acting chief executive Tim Rabbitt told staff last week in a leaked email.
The troubled valuation firm, hit by two unauthorised valuation data leaks on the web, told staff it is considering a sale of "the whole or parts" of the business.
It acknowledged reinstatement by its major lenders was not likely "immediately." Nor any quick reinstatement onto the ASX.
It added that having used up a significant portion of its cash reserve during its first suspension period in January, the current second suspension which began in early June was having "a major impact on the business and its viability."
The <a href="https://www.urban.com.au/news/97201-landmark-white-see-westpac-return-after-dark-web-data-privacy-breach" target="_blank">initial breach</a> cost up to $7 million.
"Without an immediate reinstatement from our clients, the business is likely to be in trouble in the very near term," Mr Rabbitt said in the email seen and quoted by the Australian Financial Review Weekend issue.
"The company is still working on reinstatement, but the directors (as is their responsibility to do now) have to consider alternative options for the business including the potential sale of the whole or parts of the business."
Landmark White has been unable to convince its lenders, which include three of the country's largest banks (with the exception of Westpac) to turn work back on in the wake of a second theft of information.
The saboteur posted a range of documents posted to file-sharing site SCRIBD.
LMW warned lenders that the cutting off lines of work posed a threat to the viability of the valuation industry as a whole which earned a rebuke from its own industry body.
Landmark White chairman Keith Perrett on Friday said he was proud of his staff for the commitment they had shown the company in the wake of the second information theft.
"Our management team is working closely with staff to ensure they are informed and supported as we work through the challenges the business currently faces," he said.
"We're communicating with our employees on the state of the business every day, and will not apologise for being open and transparent about the incident and impact on our business."
"LMW has been a successful business for almost 40 years, one that employs more than 450 people across Australia including in regional and remote areas," he said.
I<a href="https://www.urban.com.au/news/99213-landmark-white-reports-more-private-valuation-files-posted-online" target="_blank">t maintained the latest data breach</a> did not constitute a notifiable breach under law as only limited private information was contained in the documents posted onto document sharing site SCRIBD.
Earlier this month Landmark White had previously disclosed CBA and ANZ were among a "small number of clients" who had dropped LMW from their valuation panels.
 
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Landmark White's viability in doubt after second saboteur valuation leak

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The saboteur of the Landmark White valuation database privacy has inflicted another devastating blow against the listed valuation company.
LMW has called another trading halt in its shares from Wednesday, to possibly update shareholders on Friday morning with a view to a resumption in trade.
The request came in an update after the market had closed.
The troubled valuation firm admitted National Australia Bank, Bankwest, Bendigo &amp; Adelaide Bank, Suncorp, HSBC and Latrobe had all stopped using it for valuation work, <a href="https://www.urban.com.au/expert-insights/99289-anz-and-cba-stop-lmw-valuations-after-second-web-privacy-breach-breach" target="_blank">joining ANZ and CBA </a>which ceased their valuations soon after the initial notification of a further breach of valuation files.
It advised the business would result in a material loss of business revenue.
<a href="https://www.urban.com.au/news/97201-landmark-white-see-westpac-return-after-dark-web-data-privacy-breach" target="_blank">The initial breach</a> cost up to $7 million.
I<a href="https://www.urban.com.au/news/99213-landmark-white-reports-more-private-valuation-files-posted-online" target="_blank">t maintained the latest data breach</a> did not constitute a notifiable breach under law as only limited private information was contained in the documents posted onto document sharing site SCRIBD.
Only yesterday Landmark White had previously disclosed CBA and ANZ were among a "small number of clients" who had dropped LMW from their valuation panels.
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Landmark White saboteur inflicts another devastating blow against valuation firm

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ANZ Banking Group has again suspended the troubled valuer LMW after another incident involving the posting of unauthorised valuation information on the web.
The bank said last Friday it was "disappointed and concerned" that a new incident had occurred.
ANZ was the first to respond to LMW's second data breach, with the Commonwealth Bank today suspending the use of its services in light of the latest smaller data breach.
LMW was previously known as LandMark White and LMW Hegney. 
"Following LMW’s recent data incident, CBA can confirm we have indefinitely suspended the company from our valuation panel," a company spokesman said.
"The safety and security of our customer information is of paramount importance to us."
Meanwhile LMW company secretary John Wise advised today only a "small number of clients have again suspended workflows to LMW".
"The majority continue to work closely with LMW to understand the disclosure and any impact on their customers and LMW appreciates the way they are responding by supporting LMW, its employees and shareholders rather than acting in a way that ultimately rewards the criminal attempting to damage LMW’s reputation," Wise added.
There was an earlier data incident in January that left 137,500 records sitting on a dark web forum for 10 days.
LMW provided a further market update on the disclosure of documents on a US based sharing platform called SCRIBD.
LMW first became aware of the documents posted on SCRIBD late on May 29 with information relating to the establishment of SCRIBD accounts by the criminal provided to the NSW Police.
Based on a review of the documents posted to SCRIBD, LMW advised it was apparent that very few of the documents had been viewed or downloaded by anyone prior to being removed (other than LMW’s internal and independent response team).
The vast majority of the documents uploaded to SCRIBD are 2017 residential "short form" valuations in PDF format and have very limited personal information recorded in them (limited to a name and address). There are no bank account or identity details included in these documents.
"The nature of these documents together with the small number of non-valuation documents loaded to SCRIBD clearly indicate that this is not a cyber-attack on LMW but rather the deliberate acts of a person known to LMW," it advised shareholders.
"LMW suspects that this person has taken the documents from LMW via a manual process and is attempting to damage LMW’s brand and reputation.
"There is absolutely no indication that the person is attempting to derive personal gain from the disclosure.
"LMW is treating this activity incredibly seriously and is engaging with law enforcement to investigate the activities.
"LMW will support this investigation with full force, in an effort to identify the wrongdoer and prevent further activities.
"LMW is limited in what it can say given the ongoing investigation."
Following the cyber breach identified in early February 2019, LMW implemented significantly enhanced security measures that were independently reviewed by our third party, industry recognised, IT consultants and the cyber / security teams from the major banks, all which concluded that the risks of further cyber incidents had been appropriately mitigated.
"If the perpetrator is allowed to succeed in their efforts to damage LMW’s brand and reputation, this will have implications for the wider valuation industry’s viability," it advised the market.
"Further, if the approach of dumping internal documents on the web successfully damages LMW, its employees and shareholders, it opens an avenue for disgruntled employees of other organisations to do the same.
"This activity must be deterred, and we thank the wider community for its support (and look forward to further support) to stamp this activity out."
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ANZ and CBA stop LMW valuations after second web privacy breach

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Property valuation and consultancy firm LandMark White have said revealed the data breach from their servers in February will cost the company up to $7 million.
The first sales of shares when re-opened on the ASX this morning were trading at 20¢. At late morning they were trading at 25¢, a 34% drop since its last trade in March when trading was halted.
In a notice to their shareholders submitted to the ASX, LandMark estimated a loss of revenue of around $5 million to $6 million.
They also cited further losses of around $1 million of revenue likely to be lost between now and the date of full reinstatement by the remaining financial institutions and restoration of more normal revenues.
NAB, Commonwealth Bank and ANZ <a href="https://www.urban.com.au/news/95286-landmark-white-valuation-data-breach" target="_blank">all dropped LMW</a> following the breach which saw around 250,000 individual records and 137,500 unique valuation records stolen and <a href="https://www.urban.com.au/news/95371-landmark-white-valuation-data-available-on-dark-web-forum-after-privacy-breach" target="_blank">put on the dark web</a>. 
LandMark White are set to post a net loss after tax of $2.3 million in the year to June.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/LMW-Chart.jpg" alt="">
LMW's shareholders are set to take the brunt of the hit.
"In order to enable LMW to rebuild its cash reserves, the Broad of LMW do not expect to declare a dividend for FY2019", the submission to the ASX read.
"The Company will be reviewing its position for the re-commencement of dividends at the appropriate time.
Both <a href="https://www.urban.com.au/news/95371-landmark-white-valuation-data-available-on-dark-web-forum-after-privacy-breach" target="_blank">Westpac</a> and <a href="https://www.urban.com.au/news/96628-commbank-resumes-landmark-white-valuations" target="_blank">Commonwealth Bank</a> have resumed their services with LMW.
"LMW has secured further support from its corporate bankers to enable the company to trade through its monthly receipt and payment cycles whilst its cash reserves build."
 The Board predict a return to normal levels in FY2020, should LMW be reinstated to all key former clients.
 
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