Dewan Farooque Motors Limited (DFML) recently confirmed a cyber-attack that severely impacted its IT infrastructure, resulting in the corruption of critical corporate data and the crashing of its servers. The company disclosed the incident in a notice to the Pakistan Stock Exchange (PSX) on November 29, 2024, explaining that the attack led to the postponement of a key board meeting initially scheduled for November 28. The company emphasized that the affected data included essential financial and information systems, which would require significant time to restore.
In its statement, DFML clarified that the cyber-attack, which involved malware, had a major effect on its ability to access and recover internal records. The automaker acknowledged that the restoration process for the data, including financial reports for the first quarter ending September 30, 2024, would take considerable time and resources. As a result, the board meeting was delayed until further notice, and DFML assured stakeholders that the new meeting date would be communicated once the systems were restored.
The impact of the cyber-attack extended beyond the operational disruptions, with DFML’s stock price falling sharply. The company’s shares dropped by 3.37%, reaching Rs. 38.44, reflecting investor concerns about the long-term consequences of the breach. The malware attack underscores the increasing risks faced by businesses in today’s digital landscape, especially in the manufacturing sector, where sensitive data such as financials and HR information can be valuable targets for cybercriminals.
This cyber-attack on DFML follows a similar incident earlier this year involving Pak Suzuki Motor Company (PSMC), where sensitive corporate data was leaked due to a cyber breach. Such attacks are becoming more frequent across industries, highlighting the need for enhanced cybersecurity measures to safeguard critical business data and protect companies from financial losses, reputation damage, and legal liabilities.
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