Jaguar Land Rover has posted deep losses after the cyber attack that downed its global vehicle production for five weeks became ‘the single most financially damaging’ incident of its kind to ever hit Britain.
The UK’s largest car maker revealed that its annual profits are set to be wiped out after the hack in August halted assembly lines in the UK, Slovakia, Brazil and India.
It said production has now returned to normal as it shared losses of £485million for the three months to September 30, compared to a profit of £398million a year earlier.
This was due to costs of £196million related to the cyber attack and costs relating to job cuts.
Sales for the three months fell 24 per cent to £4.9billion.
Departing chief executive Adrian Mardell – who will be replaced by new boss PB Balaji – next week – said: ‘JLR has made strong progress in recovering its operations safely and at pace following the cyber incident.’
Jaguar Land Rover shared the impact of the cyber attack on Friday
There have also been far-reaching economic side effects, as the attack was this week revealed to have pushed down GDP by 0.17 percentage points in September.
It affected over 5,000 organisations, and is estimated to have cost at least £1.9billion, according to the Cyber Monitoring Centre’s (CMC) analysis.
