JLR could be losing ₹60cr per day due to cyberattack
What's the story
British luxury subsidiary of Tata Motors, Jaguar Land Rover (JLR), has been hit by a major cyberattack. The incident has prompted the company to extend its system shutdown, which was first implemented on September 2. The attack has reportedly impacted "some data," but the specific details of what information was compromised remain undisclosed.
Ongoing investigation
JLR conducting forensic investigation
In the wake of the cyberattack, JLR has assured that it is working with cybersecurity experts to restart its global applications. The company is also conducting a forensic investigation into the incident. "We will contact anyone as appropriate if we find that their data has been impacted," JLR said, adding that relevant authorities have been informed about the breach.
Operational disruption
Timing of the attack is particularly concerning
The cyberattack has had a major impact on JLR's operations, disrupting production and sales. The timing of the attack is particularly concerning as it coincides with one of the automaker's busiest sales periods in September. British media reports suggest that the breach could be costing JLR up to £5 million (approximately ₹60 crore) per day.
Market impact
Political attention and impact on shares
The cyberattack has also drawn political attention, with questions raised in the UK House of Commons. However, the Business Minister refused to confirm or deny whether the attack was state-sponsored. Meanwhile, JLR's operations remain partially suspended as investors closely monitor developments. Shares of Tata Motors fell by 0.44% today to close at ₹705.9 per stock amid these events.