Dewan Farooque Motors Limited (DFML) announced that its corporate data was severely compromised, and its IT servers were rendered inoperable following a significant cyber-attack. The development was shared with the Pakistan Stock Exchange (PSX) on Friday.
In its official notice, DFML stated that the attack has caused extensive damage to its information systems, including financial data for the quarter ending September 30, 2024. As a result, the company postponed its board meeting originally scheduled for November 28, 2024. DFML assured stakeholders that efforts are underway to restore the damaged systems but highlighted that the process would take considerable time.
The automaker also apologized for the inconvenience caused to stakeholders and announced that a new board meeting date will be communicated after the restoration of systems.
Impact on Share Price
Following the announcement, DFML’s share price dropped by 3.37%, closing at Rs. 38.44.
A Growing Concern in the Auto Industry
This incident is not isolated. Earlier this year, Pak Suzuki Motor Company (PSMC) also reported a cyber-attack that resulted in the leak of sensitive HR and financial data. Both cases underline the growing cybersecurity threats faced by Pakistan’s automotive sector, necessitating robust digital security frameworks.
Cyber-attacks often involve malicious activities aimed at disabling systems or stealing data. DFML’s breach highlights the urgency for companies to invest in cybersecurity measures to protect sensitive corporate information and maintain operational continuity.
