Appleby, a Bermuda law firm that handles the finances for some of the world's richest people, admitted yesterday to a security breach that took place last year.
The company said it's now preparing for a suite of public revelations after several foreign media agencies have approached it for comment.
The main media organization that reached out is the International Consortium of Investigative Journalists (ICIJ), the driving force behind the Panama Papers exposé from the spring of 2015.
The Panama Papers incident took place after an anonymous source shared data from Panamian law firm Mossack Fonseca. The source shared with journalists over 2.6 TB of emails and internal documents about the law firm's 214,488 customers, some dating back to the 1970s.
Over 11.5 million files were exposed and journalists mining the data are still publishing stories even today, some of them losing their lives because of it.
Now, Appleby is readying itself and its customers for an incoming media storm that might drag clients' and the organization's name through the dirt.
"These enquiries have arisen from documents that journalists claim to have seen and involve allegations made against our business and the business conducted by some of our clients," Appleby said in a statement.
"We are an offshore law firm who advises clients on legitimate and lawful ways to conduct their business. We do not tolerate illegal behaviour.
"It is true that we are not infallible. Where we find that mistakes have happened we act quickly to put things right and we make the necessary notifications to the relevant authorities," the firm said.
Applyby also said it revised its security policies and said it was disappointed that the media was choosing to use information leaked by illegal means for its articles.