Herron Todd White (HTW), a prominent Australian valuation firm, finds itself in crisis mode following an alleged data breach that has resulted in the suspension of new work by leading banks across the country. The breach, affecting HTW’s commercial and agricultural property valuation platforms, has raised significant concerns regarding cybersecurity protocols and the safeguarding of sensitive information.
The breach was first identified by HTW last Friday, prompting swift action from the company’s monitoring and cybersecurity processes. While specific details regarding the breach remain undisclosed, including its nature and method of infiltration, HTW has initiated an investigation to assess the extent of the impact and ensure an effective response to the incident.
In response to the breach, major banks heavily reliant on valuation firms like HTW for property-related assessments have taken precautionary measures. Westpac has suspended new work with HTW as they evaluate the potential implications on customers. Similarly, National Australia Bank and Commonwealth Bank have halted HTW’s involvement in new commercial and agricultural valuation work, while residential valuations remain unaffected.
The exact nature of the data breach, whether it was a targeted attack or a security lapse within HTW’s infrastructure, remains uncertain. Efforts to obtain further details from HTW have been inconclusive as of writing this report.
HTW has reported the breach to the Australian Cyber Security Centre (ACSC), in compliance with Australian government regulations requiring organizations to report cyber incidents with significant impact within 12 hours. This incident underscores Australia’s ongoing efforts to bolster cybersecurity defenses in response to a rising number of cyber attacks and security incidents.
