Data breach causes banks to suspend business

Post about a data breach.

Data breach causes banks to suspend business

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ANZ Banking Group was the first of the big four lenders to respond to Landmark White’s second data breach, suspending the troubled valuer again on Friday just weeks after reinstating it to its valuation panels.


The bank, the last of the big four lenders to turn work back on after a disastrous data theft in January that left 137,500 records sitting on a dark web forum for 10 days, said it was “disappointed and concerned” that a new incident had occurred.


“We have suspended our use of the services of the valuation provider at the centre of this incident while we seek to understand more about the nature and breadth of this data breach,” a spokeswoman said.


CBA subsequently said that it, too, had suspended the valuation firm.


Landmark White shares plunged on Friday, closing down 3¢, or 10.7 per cent, at 25¢ on Friday, having at one point shed 5¢, which pushed it to a seven-year low.


The thinly traded stock seesawed wildly after the company reported late on Thursday it had suffered a second data breach, with valuation reports and operational documents posted on sharing site SCRIBD.


Lenders had gradually begun to reinstate the company to their panels, allowing it to receive work, following the first data breach in early 2019. Other lenders reacted cautiously to the breach the company said it suspected was the result of a “deliberate work of an individual known” to the company.


“Our team is currently working to establish whether Landmark White’s data disclosure issue impacts any NAB customers,” a spokesman said.


“The security of customer information is our highest priority and we will keep our customers informed as necessary. NAB’s systems remain secure.”


A Westpac spokeswoman said the bank was investigating the matter. Documents that AFR Weekend observed on publicly accessible websites on Friday showed Landmark White valuations for properties in WA and NSW requested by CBA, Bendigo and Adelaide Bank and St George Bank revealed property addresses and borrower names along with valuations.


Searches late on Thursday revealed similar valuation documents for properties in WA prepared by Landmark White for HSBC and ME Bank. It was not clear whether these documents were posted as part of the data breach Landmark White disclosed this week, or whether they were the result of the breach that happened in January.


Source: Financial Review


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