This research paper is a joint effort between Trend Micro and Waratah Analytics, a data-modeling, risk-analysis, and exposure management services provider. It analyzes the modern ransomware ecosystem using data-science approaches and leverages information collected from network-based and host-based telemetry, underground forums, bitcoin and financial transactions, and chat logs - together with a deep analysis of criminal business processes - to find trends, new developments, and choke points in the ransomware ecosystem.