Panama Ministry of Economy Breach: INC Ransomware’s 2025 Attack Explained
In September 2025, Panama's Ministry of Economy and Finance (MEF) announced a cyber incident after the INC Ransomware gang claimed liability for a breach. The ministry reported detecting malicious software on one workstation, activating security protocols, and asserting no core systems or sensitive data were affected. However, INC Ransom posted evidence and claimed to have exfiltrated over 1.5 TB of emails, financial, and budgeting documents from MEF. The threat actor listed MEF on its leak site and began releasing data samples, raising concerns about the extent of exposure. This incident underscores the continued evolution and impact of ransomware-as-a-service (RaaS) operations targeting government and finance sectors. With INC Ransom’s repeated high-profile attacks, the breach reflects the growing risk of sophisticated data theft and extortion campaigns confronting public sector organizations globally.
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