Summary
Recently, Jaguar Land Rover (JLR) faced a cyber attack that halted its production in the UK for over a month. This incident is part of a larger trend of cyber attacks affecting major UK businesses, leading to significant financial losses and risks for smaller companies in their supply chains.
Key Facts
- Jaguar Land Rover experienced a major cyber attack at the end of August, halting production for more than a month.
- The estimated financial loss for JLR is £50 million per week during the disruption.
- JLR is part of a larger trend where cyber attacks have hit major UK businesses, such as Marks & Spencer and the Co-op.
- A UK government survey estimated that 612,000 businesses and 61,000 charities were targeted by cyber attacks this year.
- Smaller suppliers for JLR, facing financial difficulties due to the halt, warned the government about running out of cash.
- Analysts are concerned that if suppliers go bankrupt, it could damage the UK's advanced engineering industry.
- A report by IBM found that the average cost of data breaches for organizations worldwide is $4.4 million.
