Karachi, November 29, 2024 – Dewan Farooque Motors Limited (DFML) announced on Friday the postponement of its scheduled board meeting due to a severe malware attack that compromised its IT infrastructure and corrupted critical data.
In a communication to the Pakistan Stock Exchange (PSX), DFML referred to its earlier notice dated November 26, 2024, where it had scheduled a meeting of its Board of Directors for November 28, 2024. However, the company stated, “We regret to inform you that owing to a malware and cyber-attack, our IT servers have crashed, and data has been severely corrupted, forcing the postponement of the board meeting.”
The cyber-attack has significantly impacted DFML’s information systems, including financial data for the first quarter ended September 30, 2024. Restoring the damaged systems and recovering lost data is expected to take considerable time. Consequently, DFML informed the PSX that the board meeting would be rescheduled once the systems are fully restored.
The company assured stakeholders that it would promptly communicate the new date for the board meeting once the technical issues are resolved. “Any inconvenience caused in the meantime is sincerely regretted,” DFML added in its statement.
The incident highlights growing cybersecurity challenges faced by corporations worldwide. Cyber-attacks targeting critical infrastructure can disrupt operations, erode stakeholder confidence, and result in financial losses. DFML’s case underscores the importance of robust IT defenses and contingency planning to mitigate such risks.
About DFML
Dewan Farooque Motors Limited (DFML) is a Karachi-based company specializing in the manufacture, assembly, and sale of automotive vehicles. It operates through two segments: Manufacturing, which focuses on producing locally assembled motor vehicles, and Trading, which involves the import and sale of completely built units (CBUs) and automotive parts. Founded on December 28, 1998, DFML has played a key role in Pakistan’s automotive sector, offering both locally produced and imported vehicles to cater to diverse market needs.
DFML’s swift acknowledgment of the incident and its commitment to resolving the issue reflects its dedication to maintaining transparency and operational continuity despite this setback.