The UK government has confirmed that it will guarantee a € 1.5 billion ($ 2 billion) loan for the Jaguar Land Rover giant, after a hack that forced the company to close its production lines and leave them.
In a statement On Sunday, UK ministers stated that the government -supported loan would “boost JLR’s cash reserves so that it can support its supply chain, which has been largely influenced by closure”.
JLR will have five years to return the loan.
Companies throughout the United Kingdom providing spare parts and products to JLR, many of which are small businesses, have been affected by the weekly cessation of the company in vehicles. The UK government said there are about 120,000 people in the wider supply chain whose jobs and work are based on JLR’s ongoing operations.
BBC News reports that it is believed that This is the first time That a company has received financial assistance from the UK government after cyberspace.
JLR closed its network on August 31 after the hackers were detected on its system. Hackers linked to a crime group associated with economically motivated with previous halls aimed at the UK retailing sector have received a credit for violation. JLR later said that the hackers had stolen some of the company’s data from its systems, while staff was invited to stay at home, while the company rebuilt its network.
JLR is said to have lost about £ 50 million as a result of the holidays. However, the company made about £ 2.5 billion in pre -tax profits in 2024, suggesting that the company would be able to overcome the financial storm.
Industrial magazine the insurer reports That JLR had no cyberspace insurance, which may have covered any of the recovery costs from the breach.
But some security experts argued that the loan sends a message that could encourage hackers And threats to target UK organizations if they believe that the UK government will rescue companies that have suffered or reduce cyberspace defenses.
JLR, which belongs to Tata Motors based in India, also faces criticism of its decision to entrust cyberattacks to Tata and Tech Support Arm, Tata Consulting Services (or TCS), before Cyberettack.
TCS, which provides HELPDESK services, such as reinstating employees’ passwords for companies around the world, is also considered to be the invasion point for the Marks & Spencer and Co-op violations, two top retaile per BBC.
In a statement Monday, JLR said it plans to continue producing “in the coming days”. The automaker has already lost several deadlines to recover.
