“We have a really good story. We’ve got our structures right with the strategy going forward, we know where we want to go and will continue working with our IT people. We now have the opportunity to enhance what we do and redesign our systems to work better with our clients.”
LandMark White shares last traded at 18¢, before the company requested a trading halt on July 6 following another security breach.
The group, which values home loan applications for banks and independent lenders, was 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. In the middle of the data issues, three directors left, one being the former chief executive, Chris Coonan, and co-founder Glen White.
LandMark White returned to trade on May 7, but was hit again when there was a theft and disclosure on a website called SCRIBD of less confidential information. The group called in the NSW Police and that investigation of the leak remains under investigation.
But after months of rigorous work on its IT and cyber systems and a new simplified corporate structure, it has now been reinstated by one of the banks, but declined to name them. The group has also boosted its number of agribusiness and government clients.
This has seen an accelerated roll-out of the new and advanced IT security infrastructure. This has seen the implementation of security upgrades, aligning LMW’s practices to the Australian Cyber Security Centre’s Essential 8 and to certification of the ISO 27001 Information Security Management Standard.
“We’ve come through a really tough time with what has happened and while we don’t want to focus too much what has occurred in the last few months, we’ve fixed all that and learnt from whatever mistakes we may have made.
Mr Rabbitt and LandMark White’s long-standing company secretary, John Wise, said they believed the group had a good story to tell.
“We’ve had a capital raise, and a great deal of support from our existing shareholders and the market as a whole,” he said.
“We raised $600,000 from people in the company, who have really done it tough in the last six months. They have been going through the bad news, the rumours, the innuendos and all of that and have really stuck with us.”
Mr Wise said the board had engaged with the banks since the first breach and that the sentiment had always been that when they were satisfied “they will put us back on the panel”.
“It has always been a when rather than an if, with the banks reinstating us. They also need to go through their own process, and tick the boxes internally,” Mr Wise said.
“If the banks have a mind to not reinstate us, they wouldn’t even spend time working with us or reviewing our IT changes. We have been in constant contact with the banks’ risk team who have been looking at what we’ve done and communicating with us and our third-party consultants.”
Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.