Luxembourg energy investment firm Ikav Energy this week confirmed it notified hundreds of Americans about a December 2024 data breach that compromised their names and Social Security numbers.
Ikav notified 722 people in Texas and 15 in Massachusetts of the breach, with more victims expected as more states disclose their own breach figures.
Ransomware group DragonForce claimed responsibility for the attack on December 28, 2024, saying it stole 177 GB of data.
Ikav has not verified DragonForce’s claim. We do not yet know if Ikav paid a ransom, how much DragonForce demanded, or how attackers breached Ikav’s network. Comparitech contacted Ikav for comment and will update this article if it replies.
“IKAV Energy Inc. (“IKAV”) experienced a network disruption on December 6, 2024,” says Ikav’s notice (PDF) to victims. “The investigation subsequently determined that certain files may have been acquired without authorization.”
Ikav is offering eligible victims free credit monitoring through CyberScout. The enrollment deadline is 90 days from receipt of the notice letter.
Who is DragonForce?
DragonForce is a ransomware gang that first started posting targets to its leak site in December 2023. It operates a ransomware-as-a-service business in which customers pay to use DragonForce’s malware and infrastructure to launch attacks and collect ransoms. DragonForce often extorts victims twice: once for a decryption key to unlock infected systems, and again in exchange for not selling or publicly releasing stolen data.
DragonForce has claimed 27 confirmed ransomware attacks since it began, plus 110 unconfirmed claims that weren’t acknowledged by the targeted organizations.
Some of DragonForce’s other recent targets include:
- Asheville Eye Associates (USA) – 204,984 records breached in December 2024
- Jan Nygaard (Denmark) – Breached in January 2025
- Accelerator (Denmark) – Breached in January 2025
- Vercoe Insurance Brokers (New Zealand) – Breached in March 2025
Ransomware attacks on US finance
In 2024, Comparitech researchers logged 60 confirmed ransomware attacks on US finance companies. These attacks compromised more than 34.8 million records and came with an average ransom demand of $1.05 million.
In 2025, we’ve only confirmed one such attack so far, plus another 48 unconfirmed claims.
Other recently confirmed attacks on US finance include those on:
- Trinity Petroleum Management notified 8,000+ people of an October 2024 breach claimed by BianLian.
- More than 40 schools affected by a breach at Carruth Compliance Consulting have notified more than 155,000 people so far. Claimed by Skira.
- Legacy Professionals notified 191,000 people of a data breach claimed by LockBit in April 2024
About Ikav Energy
Ikav Energy is an asset management firm with a focus on energy infrastructure based in Luxembourg. In the US, it has offices in New York, Houston, and Durango. The company manages more than $5 billion in assets and employs 350 people in seven countries.
