Written by: Bavi Sadayappan, Zach Riddle, Ioana Teaca, Kimberly Goody, Genevieve Stark Introduction Since 2018, when many financially motivated threat actors began shifting their monetization strategy to post-compromise ransomware deployments, ransomware has become one of the most pervasive threats to organizations across almost every industry vertical and region. In recent years ransomware operations have evolved, creating a robust ecosystem that has lowered the barrier to entry via the commoditization and specialization of the supporting underground communities, which is exemplified by the proliferation of the ransomware-as-a-service (RaaS) business model. While ransomware remains a dominant threat due to the volume of activity and the potential for serious operational disruptions, we have observed multiple indicators that suggest the overall profitability of ransomware operations is in decline.