UK's £1.5 billion bailout for JLR post-cyberattack raises risks.
Jaguar Land Rover (JLR) faced a significant cyberattack in late August, leading to widespread disruptions in its manufacturing operations globally, with estimated losses exceeding £5 million per day. In response, the UK government has agreed to provide a £1.5 billion emergency loan to support JLR and its suppliers, a move viewed as both critical for job preservation and risky due to potential moral hazard in cybersecurity investments. Experts argue that this intervention raises questions about the accountability of foreign-owned companies in enhancing their cybersecurity measures. The situation underscores the growing challenges posed by cyber threats to the automotive sector, highlighting the need for stricter cybersecurity standards across industries to safeguard economic stability and employment.