29-09-25, 10:55 PM
- The UK Government is providing Jaguar Land Rover (JLR) with a £1.5 billion loan guarantee to restore its supply chain after a catastrophic cyberattack forced the automaker to halt production.
- Under this program, the UK government is not directly giving JLR a loan, but instead guaranteeing a commercial bank loan. This allows the company to secure a significantly larger loan, typically at better terms, than it could obtain on its own after a significant event like JLR is currently dealing with.
- This loan will be repaid over five years and provide cash relief for JLR, enabling the company to pay suppliers and restore its supply chain.
- JLR disclosed the cyberattack earlier this month, stating it caused severe disruption to the company's IT systems and manufacturing operations. The attack led to suspended production across multiple manufacturing plants, with JLR later confirming that attackers stole data from its systems.
- The attack was so severe that the company was forced to extend its shutdown further as it recovered its systems. To make matters more worse, The Insurer reports that JLR failed to finalize its cyber insurance policy prior to the cyberattack.
