Ransomware is a type of malicious software used by cybercriminals to encrypt data and demand payment for its decryption. It poses a significant threat to businesses and organizations, causing severe disruptions, financial losses, and reputational damage. This review analyzes recent ransomware attacks, focusing on their types, attack vectors, threat actors, and business impacts. It also evaluates existing ransomware defenses and proposes strategies for organizations to counteract, identify, and manage ransomware incidents. The review highlights the evolving nature of ransomware, including double extortion, where cybercriminals not only encrypt data but also exfiltrate and threaten to release it publicly unless a ransom is paid. High-profile incidents, such as those involving SickKids Hospital, Royal Mail, Dish Network, Five Guys, and ION, are scrutinized to understand the intricacies of these attacks. The review also discusses the effectiveness of current ransomware defenses and emphasizes the need for organizations to implement robust cybersecurity measures to protect internal and external stakeholders. The findings underscore the critical need for organizations to understand the evolving ransomware landscape and adopt proactive defenses to mitigate the risks posed by this growing threat. The review also discusses the role of digital currencies, the importance of cybersecurity education, and the impact of ransomware-as-a-service (RaaS) on the ransomware landscape. The review concludes that organizations must invest in comprehensive cybersecurity measures, including user education, robust patching programs, effective password management, multi-factor authentication, and the integration of Endpoint Detection and Response (EDR) solutions, to effectively combat the evolving threat of ransomware.Ransomware is a type of malicious software used by cybercriminals to encrypt data and demand payment for its decryption. It poses a significant threat to businesses and organizations, causing severe disruptions, financial losses, and reputational damage. This review analyzes recent ransomware attacks, focusing on their types, attack vectors, threat actors, and business impacts. It also evaluates existing ransomware defenses and proposes strategies for organizations to counteract, identify, and manage ransomware incidents. The review highlights the evolving nature of ransomware, including double extortion, where cybercriminals not only encrypt data but also exfiltrate and threaten to release it publicly unless a ransom is paid. High-profile incidents, such as those involving SickKids Hospital, Royal Mail, Dish Network, Five Guys, and ION, are scrutinized to understand the intricacies of these attacks. The review also discusses the effectiveness of current ransomware defenses and emphasizes the need for organizations to implement robust cybersecurity measures to protect internal and external stakeholders. The findings underscore the critical need for organizations to understand the evolving ransomware landscape and adopt proactive defenses to mitigate the risks posed by this growing threat. The review also discusses the role of digital currencies, the importance of cybersecurity education, and the impact of ransomware-as-a-service (RaaS) on the ransomware landscape. The review concludes that organizations must invest in comprehensive cybersecurity measures, including user education, robust patching programs, effective password management, multi-factor authentication, and the integration of Endpoint Detection and Response (EDR) solutions, to effectively combat the evolving threat of ransomware.