Dewan Farooque Motors Hit by Cyberattack, Data Corrupted

Dewan Farooque Motors Limited informed the local stock exchange that it has postponed its scheduled Board of Directors meeting due to a severe cyberattack, which caused significant IT server failures and data corruption.

According to the notice from Dewan Farooque Motors, “Our IT servers have crashed and data has been corrupted badly owing to malware and a cyberattack,” which means that the Board Meeting will be postponed.

Key financial data and systems, particularly those about the first quarter ending September 30, 2024, were compromised, the business alleged, making it impossible to have the board meeting, which had been postponed for November 28, 2024.

Restoring the financial and information systems will take a long time; this includes the data from the first quarter ending September 30, 2024. The completion of the restoration will allow us to announce a new date for the board meeting.

After notifying the appropriate authorities, including Pakistan’s Securities and Exchange Commission (SECP), the firm apologized for any issues the delay may have caused.

The news caused DFML’s share price to fall to Rs.38.44, a Rs1.34 (or 3.37%) drop.

When criminals target one or more computers or networks using their own computers, they are launching a cyber-attack. Disabling computers, stealing data, or using a compromised computer as a springboard for other attacks are the potential results of a cyber attack.