Could your business survive a cyber security threat?

In August this year Jaguar Land Rover (JLR), Britain’s biggest automotive employer, was hit by a significant cyber attack and forced to shut down systems across all of its factories and offices.

JLR managed to restart limited production in early October, but production is not expected to return to normal levels until December at the earliest. It is estimated that the hack has affected more than 5,000 organisations that form part of JLR’s complex supply chains and cost the UK economy £1.9 billion, according to a report by the Cyber Monitoring Centre (CMC).

Tracey Hamilton, Business Development Manager at Bathgate Business Finance, said: “The recent cyber attack and shutdown at JLR sent shockwaves across the UK’s manufacturing base leaving many suppliers facing severe financial strain and uncertainty.

“JLR is a large, global business, able to lean on its significant financial reserves, but the attack was disastrous for its smaller suppliers, some who even had to lay off workers and navigate an unexpected pause in cashflow.

“It has caused many SMEs, particularly in automotive, construction and manufacturing to ask, ‘could my business survive a cyber security threat?’

“The incident at JLR has been a clear warning that businesses need to consider their exposure to risk not just from direct cyber security threats, but also those they may be exposed to through clients and supply chains, and to know what action can be taken to support cashflow in such situations.”

Bathgate Business Finance, is currently helping business owners within the automotive supply chain safeguard their future with flexible funding solutions and practical financial support.

Tracey continued: “Many suppliers are facing liquidity pressures, and we are able to offer flexible payment terms, agile refinancing, and a range of lending options to give businesses greater stability and peace of mind, should they find themselves affected in the way many of JLR’s were.”

Bathgate provides tailored, whole-of-market funding solutions that go beyond traditional banking, helping businesses access finance quickly and confidently.

To find out more contact Tracey Hamilton on Tracey@bathgatebf.co.uk or call 07557 973196