‘Leak of corporate data’: Cyber-attack hits Pak Suzuki Motor Company

Pak Suzuki Motor Company (PSMC) said its corporate data “has been leaked” due to a cyber-attack.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

“On April 9, 2024 we came to know that our corporate data has been leaked due to cyber-attack,” read the notice. “Initial investigations suggest that data related to HR, financials, etc., from server has been port out to public IP (Internet Protocol),” it said.

“We have onboarded a security consultant for detailed forensic assessment and eliminating potential security threats from the entire infrastructure,” PSMC said.

The automaker shared that detailed findings will be concluded after the completion of assessment.

A cyber attack is an assault launched by cybercriminals using one or more computers against a single or multiple computers or networks. A cyber attack can maliciously disable computers, steal data, or use a breached computer as a launch point for other attacks.

Back in February, the shareholders of PSMC had resolved to authorise SMC (Suzuki Motor Corporation), its parent company, to repurchase 22,145,760 ordinary shares of 62.84% of the shareholding at a buyback price of Rs 609 per share as determined by the Voluntary Delisting Committee (VDC) of PSX.

The majority shareholder is required to purchase at least 13,915,775 ordinary shares (62.84%) out of the total 22,145,760 ordinary shares outstanding with the shareholders other than the majority shareholder, to qualify for delisting as approved by the VDC of the PSX.

In January, SMC decided to purchase the shares of PSMC at a buy-back price of Rs609 per share, 50% higher than the sponsor’s original offer of Rs406 per share made in December.

Last year in October, PSMC formally announced to voluntary delist from the bourse, citing several factors including Pak Suzuki’s losses, lack of dividends, and cheap valuations at the PSX.