A cyber-attack has wreaked havoc on Dewan Farooque Motors Limited (DFML), corrupting crucial corporate data and crashing servers. The Pakistan Stock Exchange (PSX) was informed of the incident on Friday. DFML communicated to stakeholders that restoring its information systems and financial data, including details from the first quarter ending September 30, 2024, will be a lengthy process.
ALSO READ: World Bank and Pakistan Collaborate on Anti-Smog Strategy
Here’s the official statement from DFML following the cyber-attack:
“We regret to inform you that owing to malware and cyber-attack our IT servers have been crashed and data have been corrupted badly, resulting in postponing the board meeting. Accordingly, you are informed that the board meeting has been postponed till the time of its restoration.”
Finer details such as the extent of data loss, monetary damage, or the timeline for restoring data and services remain unclear. However, the impact on the company’s publicly available financials was evident.
In the wake of the cyber-attack announcement, DFML’s stock plummeted. Shares fell by Rs. 1.34, or 3.37%, closing at Rs. 38.44.
ALSO READ: Pakistani National Arrested for Cybercrime Scam in Australia
The motive of the hackers and their origin are still a mystery. How they managed to breach the company’s systems and their methods are unknown.
Cyber-attacks, where criminals use one or more computers to target other systems or networks, can disrupt operations, steal information, or lay the groundwork for further attacks. This type of assault previously hit Pak Suzuki Motor Company (PSMC) in April, with data leaks following a cyber-attack.
At that time, PSMC indicated that initial findings showed data from a server, including HR and financial information, had been transferred to a public internet protocol address.