Ransomware has emerged as a serious and evolving cybersecurity threat. This research paper examines the advancements and improvements observed in ransomware attacks, as well as the countermeasures and remedies developed to mitigate their impact. The current study conducted a literature review to determine the impact and emergence of ransomware attacks, as well as improvements and mitigation measures to protect the digital world. This study looked at 25 studies out of the 3112 total found in this attempt. This literature review investigates the evolving tactics and techniques of ransomware attackers, the complexities of ransomware-as-a-service (RaaS) models, and the increased sophistication of encryption algorithms. Furthermore, this literature review examines a diversity of remedial measures, such as practical security measures, incident comeback frameworks, and legal considerations. This research proposes not only reconnoitering the current state of emerging ransomware attacks and potential remedies, but also providing a complete understanding of the threat landscape and guiding researchers, cyber security specialists in improving their cybersecurity posture. © 2023 IEEE.