The American mining company Niocorp Development was targeted in a cyberattack, resulting in attackers stealing approximately $500,000. The hacking incident took place on February 14 and is believed to be a classic case of compromising business correspondence (BEC).
The company reported the incident to the SEC regulator, stating that they discovered the breach and promptly informed financial institutions and law enforcement agencies. Niocorp has also assured that steps are being taken to investigate, contain, and mitigate the consequences of the incident.
While the company currently believes that the damage is limited to the loss of funds, an ongoing investigation aims to determine if hackers obtained access to other sensitive information or critical systems. The official statement acknowledges that the full financial impact of the cyberattack is still uncertain.
Niocorp is in the process of developing a project for extracting Niobium, Scandium, and Titanium in Nebraska. These metals are crucial for the US industry:
- Niobium is utilized in aviation, automotive industries, MRI, and particle accelerators due to its superconducting properties.
- Scandium, as a rare-earth metal, enhances aluminum alloys in aircraft construction and high-end bicycles production.
- Titanium, known for its high cost and limited deposits, plays a vital role in various industries affected by geopolitical factors.
In the previous fiscal year ending on June 30, 2024, Niocorp Development reported a net loss of $11.4 million compared to $40.1 million in 2023. The $500,000 loss from the cyberattack could significantly impact the company, representing about 4.5% of their annual losses.