The UK government is providing Jaguar Land Rover (JLR) with a loan guarantee of £ 1.5 billion to force the automaker to stop production.
The loan guarantee is provided through the Export Development Guarantee (EDG) program of the UK Export Finance, which reduces the risk for lenders by covering the majority of the loan in the event of defaulting on the repayment of JLR.
Under this program, the UK government is not directly giving loans to JLR, but a commercial bank is guaranteeing loan. This allows the company to secure a large loan, usually on better terms, as it can achieve automatically after an important event such as JLR is currently functioning.
The loan will be repaid in five years and will provide cash relief for JLR, allowing the company suppliers to pay and restore its supply chain.
Business and Trade Secretary Peter Kyle said, “This cyber-halter was not only an attack on a reputed British brand, but also said the business and business secretary Peter Kyle, but on our world-agronic motor vehicle sector and those men and women whose livelihood depends on it. Today’s announcement,
“After our decisive action, it will help support the loan guarantee supply chain and protect skilled jobs across the West Midlands, Mercesis and the entire Britain.”
“We are supporting our motor vehicle sector for long periods through our modern industrial strategy and as part of our plan for change, the landmark trade deals we have signed to promote exports.”
JLR revealed the cyber attack earlier this month, stating that it causes serious disruption in the company’s IT system and manufacturing operations. The attack suspended production in several manufacturing plants, with JLR later confirmed that the attackers stole data from their system.
The attack was so serious that the company was forced to further enhance its shutdown to recover its system.
To make cases worse, The insurer reports This JLR failed to finalize its cyber insurance policy before cyber attack
While JLR did not share what type of cyber attack it faced, a group claimed themselves “scattered lapsus $ hunters”, claiming responsibility for the attack.
The danger actors posted screenshots of the internal host file from the JLR SAP system on Telegram and claimed that the ranmware has been deployed in the company’s network.
Scattered lapsus $ hunter claims that the scattered spider, lapsus $ and shinhetors are made up of members.
The UK recently arrested two teenagers, it is believed to have been associated with and responsible for the 2024 attack on transport for London. Another alleged scattered spider member, allegedly joined the attacks on MGM Resorts and Caesar in Las Vegas, surrendered to facing the allegations of this month, but was later released in custody of his parents.
JLR has now announced that it is starting a planned restart of operation with the construction set to resume in a few days.
“As the controlled, phased restart of our operations continue, we are taking more steps towards our recovery and return to the construction of our world class vehicles,” read. Monday’s statement From JLR.
“Today we are informing colleagues, retailers and suppliers that some sections of our manufacturing operations will resume in the coming days.”
“We continue to work around the clock with cyber security experts, NCSC and law enforcement of the Government of UK to ensure that we are rescued and securely.”
Jaguar Land Rover is one of Britain’s largest exporters, directly employment to 34,000 people and rely on a supply chain that supports around 120,000 jobs.
The passwords broke in 46% of the atmosphere, almost doubled by 25% last year.
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