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Item 1 of 3 A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain, December 15, 2022. REUTERS/Phil Noble/File Photo
The report was produced by the Cyber Monitoring Centre, an independent, not for profit organisation made up of industry specialists, including the former head of Britain’s National Cyber Security Centre.
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“This incident appears to be the most economically damaging cyber event to hit the UK, with the vast majority of the financial impact being due to the loss of manufacturing output at JLR and its suppliers,” the report said.
JLR will report its financial results in November, according to the company’s website. A spokesperson for JLR declined to comment on the report.
JLR, which analysts estimated was losing around 50 million pounds per week from the shutdown, was provided with a 1.5 billion pound loan guarantee by the British government in late September to help it support suppliers.
The CMC, which is funded by the insurance industry and categorises the financial impact of major cybersecurity incidents affecting British businesses, ranked the JLR hack as a Category 3 systemic event, out of a scale of five.
The CMC’s estimate “reflects the substantial disruption to JLR’s manufacturing, to its multi-tier manufacturing supply chain, and to downstream organisations including dealerships,” the report said.
($1 = 0.7451 pounds)
Reporting by James Pearson; Editing by William Maclean and Barbara Lewis
Our Standards: The Thomson Reuters Trust Principles.
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