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Jaguar Land Rover extends shutdown after cyber-attack | BBC News | BBC News | YouTubeToText
YouTube Transcript: Jaguar Land Rover extends shutdown after cyber-attack | BBC News
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Video Transcript
The British car maker Jagu Land Rover
has confirmed it will extend its
shutdown until the 1st of October
following a cyber attack at the end of
August. The UK business secretary Peter
Kyle is due to visit the embattled car
maker today to discuss getting
production back online and the impact on
its supply chain. The stoppage is
thought to be costing JLR at least 50
million pounds a week. And explaining
the impact of this attack is David
Bailey, professor of business economics
at the University of Birmingham Business
School who joined us short time ago.
It's clearly very very serious uh breach
of their cyber security which is taking
a lot of time to unpack and get to grips
with and remember as well car companies
are much more complicated than say a
supermarket. Uh you know we saw M&S and
co-op attack recently. So getting this
fixed and getting things started again
is taking a long time.
So how much of a strain is this putting
on those in the supply chain?
It's huge. I mean JLR itself by the time
well it says it may restart on the 1 of
October. It may not do. By then the hit
to its revenue will be about 2.2 billion
and a possible hit to its profits of
over 150 million. Now that has kind of
cascaded down the supply chain. Orders
have been cancelled. the further down
the supply chain you go, we're seeing
workers being laid off or sent home on
part pay, companies applying for bank
loans, and literally running out of
money. So, I think we're at a kind of
critical tipping point. The minister is
in Birmingham today. And what I'd like
to hear from him is kind of some
concrete measures that he'll put in
place to support the supply chain if
this carries on for much longer.
Like what? Well, for example, some kind
of furlow type scheme uh to enable
workers to stay on the books so that
they can be kept on and then also some
sort of loan guarantee uh sort of
support to enable firms to borrow money
from banks. That's critical because if
that doesn't happen and firms go under,
then when JLR eventually do come to
restart, they may find they can't get
the components.
But British governments and are usually
fairly handsoff with this sort of thing,
aren't they? Yes, they are incredibly
hands-off quite usually. Um, I think
there's a a kind of issue here though
that one way or another the government
is going to face a hit because either
they put support in to keep the supply
chain there which means it's going to be
then in a productive place when JLR
restarts or workers get laid off and
it's going to pick up unemployment
benefit bills. So either way I think the
government has got to think about what
it's going to do. Remember as well that
in other countries like Germany, this
kind of part-time support for business
is quite usual and we need something
like this, I think, to build business
resilience in these cases.
Speaking of resilience, what about cyber
resilience? What do you hope that other
uh companies looking on and seeing what
JLR are going through will be doing
about their security?
Well, hopefully it'll be a wakeup call
for business in general to do more about
cyber security. I was listening to the
BBC's kind of cyber security
correspondent this morning talking about
it being a group of teenagers somewhere
in a bedroom maybe in the UK or maybe in
Russia looking for a 10 million pound
kind of uh ransom fee in Bitcoin. It's
mindboggling. Sounds like something out
of a film but sadly it's impacting on
people's lives and their livelihoods. So
taking cyber security more seriously I
think is a key message from this.
Professor David Bailey from the
University of Birmingham Business School.
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