By Connor Hart
An unauthorized third-party accessed NioCorp Developments' information systems, resulting in misdirected vendor payments worth about $500,000.
The rare-earths company said Wednesday that it believes the cybersecurity incident was limited to the misdirected payments, though it added that its investigation is ongoing and the full scope of the incident is still unknown.
NioCorp said it self-discovered the incident last Friday, at which time it promptly notified certain financial institutions and federal law enforcement, according to a filing with the Securities and Exchange Commission.
The company has been taking steps to investigate, contain, assess and remediate the incident, including attempting to recover the defrauded payments. It said it hasn't yet determined whether the incident will hurt its overall financial condition and operations, or whether it will be able to recover all or some of the payments.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 19, 2025 17:48 ET (22:48 GMT)
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