The cyber attack against Jaguar Land Rover cost the British automaker as much as £2.1billion, according to a new report.
The Cyber Monitoring Centre described the cyber attack against the manufacturer as a "category 3 systemic event", noting that it was one of the most financially devastating events in UK history.
The CMC model estimates that the cyber attack, which was first raised at the end of August, caused a UK financial impact of £1.9billion and affected more than 5,000 organisations.
It stated that the modelled range of loss is between £1.6billion and £2.1billion, although it could have been much higher if operational technology were more affected.
The total figure takes into account Jaguar Land Rover's manufacturing, its supply chain and downstream organisations, like dealerships.
The CMC stated that the JLR cyber attack was "the most economically damaging cyber event to hit the UK".
The vast majority of the financial impact is down to the loss of manufacturing output at JLR and its suppliers.
However, the CMC estimate only takes into account UK operations, and does not account for the brand's worldwide operations, suppliers and dealerships.
The cyber attack against Jaguar Land Rover is estimated to have cost the UK economy around £1.9billion
| GETTY/REUTERSThe report highlighted the reduced vehicle sales and while some dealers were able to sell existing stock, the production issues created a shortfall in supply.
The CMC's Technical Committee has called for manufacturers, the Government, insurers and other organisations to recognise that "operational disruption" poses the biggest risk for most businesses.
It noted that the cost associated with the JLR hack "dwarfs the financial losses associated with any previous known data breach incident".
Companies have also been told to evaluate their cyber insurance coverage, and assess needs based on their supply chain dependencies.
Jaguar Land Rover said it would provide an update on the Halewood site soon | PALATEST DEVELOPMENTS:
JLR confirmed earlier this month that it was moving forward with its phased restart of operations, including manufacturing at the Electric Propulsion Manufacturing Centre (EPMC) and Battery Assembly Centre (BAC).
It is anticipated that workers at its stamping operations in Castle Bromwich, Halewood and Solihull would also begin work.
This is likely to be followed by vehicle manufacturing in Nitra, Slovakia, and the restart of Range Rover and Range Rover Sport production lines in Solihull.
The iconic automaker also stated that it would announce further updates on its phased restart in the future, including operations at its Halewood plant in Merseyside.
Jaguar Land Rover is beginning a phased restart of its operations | GETTYJLR also announced that it was fast-tracking a financing scheme for qualifying suppliers with cash up-front during the restart phase.
Suppliers will now be paid much faster than under their standard payment terms, helping them manage their cash flow in the short term.
Commenting on the cyber attack and the restart, Adrian Mardell, CEO of JLR, said: "Our suppliers are central to our success, and today we are launching a new financing arrangement that will enable us to pay our suppliers early, using the strength of our balance sheet to support their cash flows.
"I would like to thank everyone connected to JLR for their commitment, hard work and endeavour in recent weeks to bring us to this moment. We know there is much more to do but our recovery is firmly underway."