Orion, a leading supplier of carbon black, recently lost $60 million in a business email compromise (BEC) scam. Cybercriminals tricked a non-executive employee into making multiple wire transfers to their accounts. This incident highlights the growing threat of BEC attacks, where scammers often impersonate executives or manipulate employees to authorize fraudulent transactions. Orion has reported the breach to the SEC and is working with law enforcement to recover the funds.
BEC fraud is one of the most financially devastating cybercrimes, with the FBI reporting $2.9 billion in losses in 2023 alone. These schemes often use tactics like phishing or impersonation, targeting employees with access to company funds. Orion’s situation serves as a stark reminder of the importance of strong cybersecurity measures to prevent costly breaches. The company plans to explore all legal options, including insurance claims, to reduce the financial impact of this attack.