"give certainty to its supply chain following a recent cyber-attack"
"The loan from a commercial bank, backed by the Export Development Guarantee (EDG) provided by export credit agency UK Export Finance, will be paid back over five years and bolster JLR's cash reserves so it can support its supply chain which has been greatly impacted by the shutdown,"
"Personally I think the UK is going to be one to watch now, if I was an e-crime threat actor, I'd zero in on the UK."
The UK government announced a £1.5 billion loan guarantee for Jaguar Land Rover to give certainty to its supply chain following a recent cyberattack. The package comprises a commercial bank loan backed by the Export Development Guarantee from UK Export Finance, repayable over five years. The financing will bolster JLR's cash reserves so the carmaker can support suppliers badly affected by system shutdowns. JLR directly employs roughly 34,000 people and underpins about 120,000 jobs across its automotive supply chain. Security experts warned the bailout could incentivize further attacks on UK businesses with weak cyber defences. Reports suggest JLR lacked cyberinsurance and had outsourced IT and cybersecurity to Tata Consultancy Services.
Read at SecurityWeek
Unable to calculate read time
Collection
[
|
...
]