In the first half of 2023, Arete observed several distinct trends and shifts in the cyber threat landscape. Leveraging the data collected during each incident response engagement, we can see the rise and fall of ransomware variants, notable trends in ransom demands and payments, industries targeted by ransomware attacks, and what may be coming next. The threat landscape continues to evolve with the widespread introduction of AI tools, lower barriers of entry into cybercrime, new vulnerabilities, and the socioeconomic effects of the Russia-Ukraine war.