Ransomware has emerged as one of the most feared threats in the cyber security landscape, evolving in complexity and impact. This paper examines the historical evolution of ransomware, analyzes recent high-profile attacks, and explores the financial and operational impact on organizations. It explores mitigation strategies and best practices for preventing and responding to ransomware incidents. The goal is to provide a comprehensive understanding of ransomware and practical guidance to increase organizational resilience against this persistent threat.