"JLR had to suspend production at its UK factories for several weeks after being targeted by hackers with the shutdown expected to last until at least 1 October. The loan, from a commercial bank, is expected to give the company's suppliers some certainty. The government will give its backing to the loan through the export development guarantee, which is aimed at helping UK exporters. It will be paid back over five years."
"Our teams continue to work around the clock alongside cybersecurity specialists, the NCSC and law enforcement to ensure we restart in a safe and secure manner. The foundational work of our recovery programme is firmly underway, and we will continue to provide regular updates to our colleagues, retailers and suppliers. We thank everyone connected with JLR for their continued support and patience."
The government will underwrite a 1.5bn loan guarantee to Jaguar Land Rover to support recovery from a cyber-attack. JLR suspended production at UK factories after being targeted by hackers on 31 August, with the shutdown expected to continue until at least 1 October. The loan originates from a commercial bank and is backed via the export development guarantee, to be repaid over five years, aiming to give suppliers financial certainty. The guarantee is intended to protect the supply chain and skilled jobs across the West Midlands, Merseyside and the UK. JLR reports recovery work underway with cybersecurity specialists, the NCSC and law enforcement.
Read at www.theguardian.com
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