Dewan Farooque Motors Limited (DFML) has faced a cyber attack that disrupted its IT systems and damaged corporate data. The company disclosed this incident in a notice to the Pakistan Stock Exchange on November 29, 2024.
According to the announcement, the attack involved malware that corrupted important financial and operational data, including the company’s first-quarter reports. The IT servers were severely impacted, and DFML is now working on restoring the affected data. The recovery process is expected to take some time.
Due to this disruption, a planned Board of Directors meeting had to be postponed. This delay has raised concerns among investors, leading to a 3.37% drop in DFML’s share price.
This is not an isolated case, as earlier this year, a similar cyber attack targeted Pak Suzuki Motor Company, causing damage to its data systems as well.
DFML assured stakeholders that it is making every effort to recover the lost data and secure its systems against future attacks. The company did not provide details about the origin of the malware or the potential loss of sensitive information.
Cyber attacks on corporations have been increasing globally, with companies facing significant financial and operational challenges due to data breaches and system crashes. DFML’s recent experience highlights the growing importance of investing in robust cybersecurity measures.
As the recovery process continues, DFML plans to update its stakeholders on any developments regarding the restoration of its systems and the rescheduling of the board meeting.
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