LONDON (IT BOLTWISE) – A devastating cyber attack on Jaguar Land Rover has rocked the British economy. The attack led to a halt in production and affected exports, which had a negative impact on the country’s gross domestic product.
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A massive cyber attack on the British car manufacturer Jaguar Land Rover has significantly affected not only the company itself, but also the British economy. The attack, which began in August, led to a complete shutdown of industrial production, which is rare in the world of cybercrime. According to the Bank of England report, this incident slowed gross domestic product growth by 0.2% as exports to the US fell and production was disrupted.
The Cyber Monitoring Centre, a non-profit organization that tracks the impact of cyberattacks in the UK, described this attack as the most economically devastating in British history. Production lines at at least three Jaguar Land Rover British plants were halted for several weeks and dealer systems were also temporarily unavailable. This caused significant delays and uncertainty for suppliers, who faced canceled or delayed orders.
The attack has all the hallmarks of a ransomware attack, in which cybercriminals break into a company’s computer systems, encrypt them or threaten to delete them, and demand a ransom to make the systems usable again. Even if victims are willing to pay the ransom, it can take weeks or months for systems to fully recover. The British government has not publicly accused anyone of being behind the attack, although a hacking group previously responsible for attacks on major British and American companies has claimed responsibility.
The economic impact of this attack is far-reaching. In addition to the direct cost of an estimated £1.9 billion, exceeding the damage caused by the 2017 WannaCry attack, the incident has also shaken confidence in the cybersecurity of British companies. Experts warn that such attacks could become more common in the future as the reliance on digital systems in the automotive industry and other sectors continues to increase. Companies must therefore strengthen their security measures to protect themselves against such threats.
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