Orion SA Details

Orion SA

Houston, Texas • 1399 employees •

United States

Industry

Security Incidents

Orion S.A. (NYSE: OEC) is a leading global supplier of carbon black, a solid form of carbon produced as powder or pellets, which is tailored to meet customers' specific needs. Carbon black is utilized in a variety of high-performance applications, including tires, coatings, batteries, and plastics, due to its ability to tint, colorize, reinforce, conduct electricity, increase durability, and provide UV protection. The company has a notable focus on innovation, with research and development centers located across three continents, and operates 14 production plants worldwide, utilizing a variety...
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Security Incidents

Orion SA Breach of Aug 2024

Severity Score

Significant

Type

Social Engineering

Summary

On August 10, 2024, Orion SA, a Luxembourg-based chemicals and manufacturing company, discovered that it had fallen victim to a criminal wire fraud scheme. The scheme involved a company employee who was tricked into authorizing multiple fraudulent wire transfers to accounts controlled by unknown third parties. This seems to have been a business email compromise incident, although the term was not explicitly used in the report.

The company disclosed in their Form 8-K filing to the U.S. Securities and Exchange Commission that the incident did not involve any unauthorized access to its systems o...
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Severity

Orion SA experienced a business email compromise incident on August 10, 2024, involving an employee who was manipulated into authorizing multiple fraudulent wire transfers. The company's systems and data, including customer information and intellectual property, were not breached.

Despite the significant estimated financial loss of $60 million, the company's operations and business continuity remained unaffected. Given the substantial financial hit and the high level of social engineering sophistication implied in the attack, this incident falls under the "Significant to High" severity level...
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Impact

On August 10, 2024, Orion SA experienced a business email compromise incident, where an employee was duped into authorizing multiple fraudulent wire transfers. The incident did not involve unauthorized access to the company’s systems or data. Customer data and internal company intellectual property remained secure throughout the event.

Despite the significant financial impact, estimated as a potential $60 million one-time pre-tax charge, the company's operations and business continuity remained unaffected. Orion SA has engaged law enforcement and is actively pursuing all avenues, including i...
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