Abstract: In the 21st century, malware is considered to be a major threat for cyber security. Malware writers are very active and as a result there are huge numbers of new malwares getting introduced every day. This is despite the efforts of anti-virus companies who are working hard to detect these malwares. However, many malwares remain undetected. In recent times, a malware called Ransomware has been creating a huge problem for people around the world. In many ways, Ransomware is unique and difficult to handle. That is why, it needs special research attention. For that end this study aims to explore the characteristics of Ransomware and provide possible solutions to deal with it by reviewing the existing malware detection methodologies and by providing future direction for research on Ransomware.