Jaguar Land Rover Cyberattack Ripples Through UK Automotive Industry
Jaguar Land Rover's (JLR) recent cyberattack has sent ripples through the British automotive industry, with supplier Autins feeling the impact. Shares in the company plummeted 55% after the attack led to a shutdown of JLR's global operations, temporarily laying off thousands of employees and causing a knock-on effect on supply-chain businesses.
Autins, which employs 148 people and recorded revenues of £31 million last year, is taking protective measures to mitigate the disruption. These include using banked hours, delaying raw material orders, and pausing discretionary spend. However, the extended disruption is increasing costs for JLR and risks damaging the British economy as a whole.
The cyberattack has been described by Lucas Kello, director of the University of Oxford's Academic Centre of Excellence in Cyber Security Research, as 'an economic security incident'. JLR has announced that its operations will remain shuttered until at least the middle of next week, with thousands of employees and more in the supply chain facing temporary layoffs.
Autins' chief executive, Andy Bloomer, has confirmed that the cyberattack on JLR is having a material effect on Autins' operations. Labour MP Liam Byrne has warned that the disruption could be a 'cyber shockwave' that could destroy jobs and businesses in Britain's industrial heartlands.
The Prime Minister's spokesman has previously stated that there were 'no discussions around taxpayers' money' being used to help JLR suppliers. As the situation unfolds, Autins and other affected businesses are taking protective measures to weather the storm, but the long-term impact on the British automotive industry and economy remains to be seen.
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