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Major Clients Exit, Share Price Crashes After New Data Theft

NSW-based property valuation company Landmark White has called a trading halt, suspended services, brought in the police, and warned that it may need to cut staff numbers after revealing that it has once again been hit by a major data breach.

This follows moves to limit access by staff to stored sensitive data – apparently unsuccessful – and the departure of many large customers, including the CBA, NAB, ANZ, Suncorp, HSBC and Bendigo & Adelaide banks.

In the latest apparent theft of information, apparently by a so-far unidentified staffer, the stolen info has been posted to document-sharing site Scribed.

“There is certainly a risk of job losses at Landmark, a very significant one,” said chairman Keith Perrett, yesterday. “We have done the hard work to make sure that our systems are as good as we can possibly make them, [but] at the end of the day what’s happened here is someone who is known to the system, and understands how to use it, [is] carrying out a criminal act.”

Job losses may not be limited to staffers. Perrett’s own top seat could be at risk. He inherited the chairman’s post after a predecessor resigned following last year’s data theft. He says the company has referred the latest matter to NSW police and the company expects to release a statement to the stockmarket today.

Its share price which was at 28 cents before the latest data breach, had dropped to 18c when trading was halted on Tuesday.

Its earlier breach, late last year, saw Landmark White’s share trading suspended for almost three months. The company’s shares remained closed on the ASX at 18c yesterday, down from almost 50c in January – and as much as 70c in recent years.

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