Threat actor analysis
Panzer has disclosed 58 victims on its leak site, 0.2% of all ransomware listings tracked in this database. Its earliest disclosure here dates to August 2026.
The group has listed organisations in 21 countries, most often in France (8 victims), followed by Germany, Brazil, Italy.
By industry, its listings concentrate in Professional Services, Technology, Manufacturing — sectors that hold sensitive data or cannot tolerate long outages, both of which raise the pressure to pay.
Like most current ransomware operations, Panzer is likely to use double extortion: data is stolen before files are encrypted, and organisations that refuse to pay are named on the leak site with the stolen data as leverage.