Rhysida, a new and sophisticated ransomware-as-a-service (RaaS) operation, is analyzed in this report. The report details Rhysida's advanced tactics, techniques, and procedures (TTPs), including its use of double extortion and spear-phishing, mirroring those of established groups like LockBit and Conti. A significant attack on the Port of Seattle exemplifies Rhysida's growing threat and ambition to target critical infrastructure. The report concludes by recommending mitigation strategies for organizations, including enhanced phishing defenses, improved patch management, and robust incident response planning. The sources provide technical details of Rhysida's operations and offer insights into its potential future targets and impact.