BlackBerrys vice president of research, Eric Milam, said the diversity of Bahamuts activities was such that he assumed it was working for a range of different clients.
Theres too many different things going on across too many different ranges and too many different verticals that it would be a single state, Milam said ahead of the reports release.
In June, Reuters reported on how an obscure Indian IT firm called BellTroX here offered its hacking services to help clients spy on more than 10,000 email accounts over seven years, including targeting prominent American investors.
Those apps, which included a fitness tracker and password manager, may have helped the hackers track their targets, the report said.
Milam declined to comment on who he thought might be behind Bahamut, but he said he hoped the report would help to sharpen the focus on hackers-for-hire.
One heavily targeted organization included the New York-based Sikhs for Justice, a separatist group thats campaigning for an independent homeland for Sikhs in India.