Ransomware Under Pressure: Tactics, Techniques, and Procedures in a Shifting Threat Landscape

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.

This trend is likely the result of multiple factors, including improved cybersecurity practices, increased ability of organizations to recover, and declining ransom payment amounts and rates. Further, numerous disruptions have impacted the ransomware ecosystem in recent years, from external forces like law enforcement operations to internal conflict between actors; both have led to the disappearance or significant debilitation of previously prolific RaaS groups like LockBit, ALPHV, Basta, and RansomHub.

However, despite these shakeups, the well-established Qilin and Akira RaaS brands rose up to fill the vacuum, leading to a record high number of victims posted to data leak sites (DLS) in 2025 (Figure 1). This report provides an overview of the ransomware landscape and common tactics, techniques, and procedures (TTPs) directly observed in the 2025 ransomware incidents that Mandiant Consulting responded to. In this analysis, we excluded activity focused only on data theft extortion.