2024-08-12 Orion S.A. Cybersecurity Incident

Page last updated on August 12, 2024

Orion S.A. initially disclosed a cybersecurity incident in an SEC 8-K filing on 2024-08-12 17:03:29 EDT.

Company Summary

Orion is a manufacturing company that offers a wide range of rubber products that include insulators, compounds, laminates, and fabrics.

Incident Details

Material: Unknown
Is Breach: FALSE
Records Compromised: Unknown
Data Types Impacted: No Data Types Tracked (yet)

Compromised Date: 2024-08-10
Detected Date:
Disclosure Date: 2024-08-12
Contained Date:
Recovered Date:

Attack Goal: Unknown

Costs: $60M

• Fraud (Direct): $60M - As a result of this incident, and if no further recoveries of transferred funds occur, the Company expects to record a one-time pre-tax charge of approximately $60 million for the unrecovered fraudulent wire transfers.

Filings

8-K filed on 2024-08-12

Orion S.A. filed an 8-K at 2024-08-12 17:03:29 EDT
Accession Number: 0000950142-24-002170

Item 8.01 Other Events.

On August 10, 2024, Orion S.A. (the “Company”) determined that a Company employee, who is not a Named Executive Officer, was the target of a criminal scheme that resulted in multiple fraudulently induced outbound wire transfers to accounts controlled by unknown third parties. As a result of this incident, and if no further recoveries of transferred funds occur, the Company expects to record a one-time pre-tax charge of approximately $60 million for the unrecovered fraudulent wire transfers. The Company has cooperated, and will continue to cooperate, with law enforcement as appropriate, and intends to pursue recovery of these funds through all legally available means, including potentially available insurance coverage. To date, the Company has not found any evidence of additional fraudulent activity and currently does not believe the incident resulted in any unauthorized access to data or systems maintained by the Company. However, the Company’s investigation into the incident and its impacts on the Company, including its internal controls, remains ongoing. The business and operations were not affected.

Company Information