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Ransomware Victim Financial Services

SmithDunn&Co

Ransomware attack by Spacebears · Disclosed February 6, 2025 · 🇺🇸 United States

smithdunn.com

Date Disclosed
Feb 6, 2025
2025
Threat Group
Spacebears
160 total victims
Country
🇺🇸 United States
Industry
Financial Services

ThreatAI Analysis

Compiled from this incident record and the threat intelligence profile for Spacebears. Figures and technique mappings are quoted from the source data, not inferred.

About the Spacebears group

Space Bears is a double-extortion ransomware group that emerged in April 2024, distinguished by a professional "corporate" aesthetic on its leak site, leveraging Phobos RaaS infrastructure and targeting small-to-medium organizations in manufacturing, technology, and healthcare across the US and Europe. Spacebears has listed 147 victims since April 2024.

Incident Analysis

SmithDunn&Co was targeted by Spacebears ransomware, one of the most active ransomware groups in our database with 160 confirmed victims globally. The attack was disclosed on February 6, 2025, when SmithDunn&Co appeared on the group's dark web leak site.

SmithDunn&Co is based in United States , operating in the Financial Services sector. United States ranks #1 globally for ransomware attacks, with 9,434 victims in our database.

Sector context: Financial sector organisations are targeted for their access to funds, sensitive financial data, and the reputational damage a public breach can cause. Regulatory requirements also increase recovery costs.

Spacebears typically employs a double extortion model: first exfiltrating sensitive data from the victim's systems, then deploying ransomware to encrypt files. Victims face two simultaneous threats — paying to restore access and paying to prevent publication of stolen data. The group's leak site publishes victim names and exfiltrated data as leverage.

Data source: This incident record is sourced from public ransomware group leak site disclosures aggregated via the ransomware.live API. Disclosure date reflects when the victim was published on the leak site, which may differ from the initial date of compromise. This platform does not publish or link to stolen data. Last data update: Sep 7, 2026 20:00 UTC.

Frequently Asked Questions

Was SmithDunn&Co attacked by ransomware?

Yes. SmithDunn&Co was listed as a victim of the Spacebears ransomware group on February 6, 2025. The organisation is based in United States and operates in the Financial Services sector. The disclosure appeared on the group's dark web leak site.

Which ransomware group attacked SmithDunn&Co?

SmithDunn&Co was attacked by Spacebears ransomware. Spacebears is one of the most active ransomware groups, having claimed 160 victims globally. The group typically employs a double-extortion model: encrypting the victim's files and threatening to publish stolen data.

When did the SmithDunn&Co ransomware attack occur?

The ransomware attack on SmithDunn&Co was disclosed on February 6, 2025. This date reflects when the victim was published on the threat group's leak site, which may differ from the actual date of initial compromise.

What data was stolen in the SmithDunn&Co ransomware attack?

The specific data stolen from SmithDunn&Co has not been independently verified by this platform. Ransomware groups typically exfiltrate data before encrypting systems and use the threat of publication to pressure victims. As a Financial Services organisation, SmithDunn&Co likely held financial records, client data, and transaction histories.

How can organisations protect against Spacebears attacks?

To defend against Spacebears and similar threat actors, organisations should: maintain regular offline backups tested for restoration; implement network segmentation to limit lateral movement; deploy multi-factor authentication on all remote access; use endpoint detection and response (EDR) tools; conduct regular phishing and security awareness training; and monitor threat intelligence feeds for indicators of compromise (IOCs) associated with active groups.