U.S. mineral development firm NioCorp Developments has confirmed having almost $500,000 exfiltrated after being subjected to a business email compromise attack on Valentine's Day, reports SecurityWeek.
Infiltration of the company's information systems, including its email platform, enabled the misdirection of vendor payments, said NioCorp in a filing with the Securities and Exchange Commission, which noted an ongoing investigation into the nature and extent of the intrusion. NioCorp "has not yet determined whether the cybersecurity incident is reasonably likely to materially impact the Company's overall financial condition or its results of operations, including whether the Company will ultimately be able to recover all or a portion of the misdirected vendor payments," noted the SEC filing. Such a disclosure comes after BEC scams were reported by the FBI to have resulted in losses totaling $55 billion from 2013 to 2023, nearly $3 billion of which have been recorded in 2023 alone.
