Pak Suzuki Motor Company Limited (PSX: PSMC) last week was hit by a cyber attack and its corporate data was leaked, the automaker informed the main bourse on Monday.
“On April 9, 2024 we came to know that our corporate data has been leaked due to cyber-attack. Initial investigations suggests that data related to HR, Financials, etc., from server has been port out to public IP,” it said in a stock filing.
It added, “We have onboarded Security Consultant for detail Forensic assessment and eliminating potential security threats from entire infrastructure. Detailed findings will be concluded after completion of assessment”.
This comes after the car company said it was removing its stock from the stock exchange.
In February 2024, PSMC started a share purchase offer (SPA) to sell 22.14 million shares at Rs. 609 per share and remove them from the stock market.
This was initiated after Suzuki Motor Corporation, Japan, the majority shareholder of Pak Suzuki Motor Company Limited (the Company) recently decided to purchase all the shares of the Company held by others (other than those held by the Sponsor / Majority Shareholder).
Things got even worse for the carmaker last year. They had a really big loss of Rs. 10 billion in 2023, which was 50 percent more than the Rs. 6.3 billion loss they had the year before.
The company’s sales dropped by half compared to last year, going from Rs. 202 billion to Rs. 102 billion.