Pak Suzuki Motor Company (PKMC), Pakistan’s leading automaker, finds itself grappling with the aftermath of a malicious cyberattack that compromised its server and exposed sensitive corporate information.
In a startling revelation, PKMC disclosed that its server fell victim to a cyber-attack, resulting in the unauthorized access and leakage of corporate data, including critical HR and financial information, to a public IP address. The breach, detailed in a stock filing on Monday, underscores the growing threat of cybersecurity breaches faced by businesses across industries.
In response to the breach, Pak Suzuki has initiated a comprehensive forensic assessment in collaboration with security consultants to identify and mitigate potential security vulnerabilities across its infrastructure. The company is committed to addressing the incident swiftly and safeguarding its data assets from future threats.
This cybersecurity incident compounds the challenges faced by Pak Suzuki in recent times, including its decision to delist from the Pakistan Stock Exchange (PSX). The delisting process, initiated in February 2024 through a share purchase offer, reflects the company’s strategic realignment amidst evolving market dynamics.
The automaker’s financial woes were further exacerbated by a challenging fiscal year, marked by staggering losses amounting to Rs10 billion, representing a significant 50% surge from the previous year’s loss of Rs6.3 billion. Additionally, PKMC witnessed a stark decline in car sales, with revenues plummeting by 50% year-on-year to Rs102 billion compared to Rs202 billion in the preceding year.
As Pak Suzuki navigates through this tumultuous period, stakeholders remain vigilant, emphasizing the importance of robust cybersecurity measures and proactive risk management practices to safeguard sensitive data and fortify resilience against cyber threats.