An infection with Space Bears, like any ransomware, results in your systems being locked and your data encrypted. Victims are then presented with a ransom demand, often in cryptocurrency, to restore access and prevent stolen data from being leaked online.
If you discover a physical break-in at your offices, your first instinct would be to call the police; touch nothing and let them search for clues. Then, your attention would turn towards getting your business operations back up and running.
A cyber-attack requires the same approach. Your digital environment is a CRIME SCENE. It is crucial to leave the environment untouched to allow for a forensic investigation.
This is not a task for your IT team or MSP. Digital Forensic specialists available 24/7 to assist you, just like in a physical crime.
First detected in early 2024, Space Bears is a highly organised ransomware operation that primarily focuses on large enterprises and critical infrastructure. While little is known about its origins, cyber security analysts have identified similarities between Space Bears and previous sophisticated ransomware groups, suggesting potential ties to experienced cyber criminal networks.
Space Bears primarily targets Windows and Linux environments, exploiting vulnerabilities in remote desktop protocol (RDP), phishing emails, and software supply chains to gain access to victim networks. Once inside, the ransomware encrypts files and exfiltrates sensitive data, using double extortion tactics to pressure victims into paying the ransom.
Due to its rapid rise and aggressive attack strategies, Space Bears is considered a serious threat in the cybersecurity landscape. Experts are closely monitoring its activities and advising organisations to strengthen their defences against this evolving ransomware operation.
Space Bears follows the double extortion model, meaning that in addition to encrypting data, it also steals sensitive information. This forces victims to pay not only for file decryption but also to prevent the public release of their stolen data.
After infiltrating a system, Space Bears encrypts critical files and disables security protections, making recovery challenging. Reports indicate that Space Bears has also used distributed denial-of-service (DDoS) attacks against victims who refuse to comply, adding another layer of pressure.
Emerging in early 2024, Space Bears is a relatively new ransomware group but has already made significant impact. Within its first few months, Space Bears has been linked to multiple high-profile attacks, affecting businesses in sectors such as finance, healthcare, and government.
To date, Space Bears has ransomed 74 victims.
Solace Cyber’s track record includes hundreds of successful response recoveries, providing Digital Forensic Incident Response services, 24x7x365.
“In the last year 12,000 alerts about vulnerable services were issued via the NCSC Early Warning service.”
When a cyber incident occurs, take these immediate actions:
Solace Cyber acts as your specialist digital forensics partner in Australia, helping restore normal operations swiftly. Our response includes:
Recovery timelines typically range from 2 weeks to 2 months, depending on the incident's scope.
Solace Cyber delivers global risk and security services across Australia, specialising in travel, crisis support, and offshore risk management. The organisation runs a fully staffed security operations centre around the clock and maintains an internal intelligence unit that produces routine daily and weekly updates. The business is certified to ISO 27001, ISO 14001, ISO 45001, and ISO 9001 standards.
Founded in the UK in 2021, Solace Cyber has grown its presence throughout Australia, concentrating on cyber incident handling, including digital forensics, incident response, ransomware events, information security, and wider risk management, supported by managed security services. The senior leadership team has more than two decades of combined experience across security and IT.
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A forensic analysis needs to be meticulous and a clean restore and recovery requires a wealth of experience not normally available in an in-house team who must provide a broader range of IT support skills:
Solace Cyber was established precisely for this scenario. We have a well-defined process for handling cyber-attacks like Space Bears, which involves a 6-step approach:
It includes a thorough digital forensic analysis from step 2 where the output becomes a central component of business recovery. This is because understanding the attack is of critical importance:
It is critical that the analysis of digital evidence is carried out to an agreed plan. This will have been designed to provide the best and earliest chance of discovering a root cause, which is essential to inform remediation/eradication and recovery as well as supporting a legal take-down case if this is applicable. A legal take-down means we can assist in the legal enforcement that stops the criminals from publishing the data, thus undermining the ransom notice.
Solace’s Digital Forensic and Incident Response teams maintain consistent communication throughout. Dedicated Incident Managers and technical engineering leads provide updates during the Cyber Incident Response journey, utilising risk registers and working within change management processes, all from triage through to post-incident, delivering successful business recovery.
Solace Cyber's assistance extends beyond the recovery phase. Following the restoration of your business operations, we collaborate with you to enhance your cyber security posture using a threat-informed methodology. This involves leveraging our Cyber 9 Step Process, designed to comprehensively address cyber threats and vulnerabilities.
The Space Bears ransomware entered your system by one of several ways:
We recommend you adopt policies to:
After recovering from a Space Bears ransom attack, Solace Cyber recommends that you update your business continuity plan to account for lessons learnt during this attack & recovery.
Most ransomware breaches cost approximately £500K, while smaller email data breaches typically cost around £50K. There is a critical balance between preserving the environment for forensic analysis and quickly recovering it to minimise business interruption. The costs increase the longer it takes to identify and resolve the breach.
A cyber security insurance claim is complex, covering reasonable expenses for investigating and remediating an incident, along with legal fees, business interruption, criminal liability, employment liability, and ransom payments. Although the insurance industry is responsible for facilitating business recovery, cyber insurance is viewed as volatile, and many policies are not being validated correctly.
Finding your way through demands expertise, and that's where Solace Cyber can offer assistance.
Facing genuine pressure, there's a crucial decision to make - one that could rescue your organisation from weeks of operational standstill, reputation damage, and client data loss. Yet, the probability of a favourable outcome remains slim, emphasising the importance of engaging a specialised ransomware incident response team. They are your most viable recourse for navigating a ransomware incident.
The NCSC have documented the deliberations for paying ransomware: https://www.ncsc.gov.uk/ransomware/home
Important Reminder: It is a criminal offense to pay money to people who are subject to financial sanctions. The list of who is subject to financial sanctions is constantly changing.
The latest iteration can be found here: https://www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets
Yes. There's a possibility that some of the lost data falls under the category of "Personal Data" belonging to your customers. It's your legal responsibility to safeguard this data, even if it has been lost. Additionally, you may need to notify the Information Commissioner's Office at https://ico.org.uk/.
Your insurer or legal counsel will provide guidance on the necessary steps and how to move forward in this situation.
Solace has experience collaborating with insurers and legal professionals and can offer support in managing this relationship during this challenging period.
A ransomware attack presents the most significant threat to your business by:
In the event of a business interruption, determining your position in the supply chain for any item and sustaining operations become challenges. If the disruption persists, maintaining business continuity becomes paramount. Moreover, upon restoration of systems and data, addressing any backlog of work and establishing operational protocols for the future becomes essential.
Ransomware ranks only behind receivership in terms of its capacity to incapacitate a business.
Action Fraud is the UK’s national reporting centre for fraud and cybercrime. Whether you have been scammed, defrauded, or experienced cybercrime in England, Wales, or Northern Ireland, Action Fraud offers a central point of contact for information on fraud and financially motivated cybercrime.
In the event of a Space Bears ransom attack on your systems, REMAIN CALM.
DO NOT INTERACT WITH THEM, ATTEMPT TO RESTORE, OR OVERWRITE ANY DATA (explanation above).
Reach out to Solace Cyber at +61 (0) 282 786100 or complete our form for a callback from one of our specialists.
We'll respond promptly to minimise your business's downtime.
Solace Cyber helps companies across Australia recover from ransomware attacks and data breaches.
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