Depending on who compromised you, paying the ransom is the smart move.

As long as the hacker group has a somewhat established name and reputation, they have more to lose from keeping a copy afterwards than to gain. Trust is like half of the business model for these groups - throwing it all away for a one-time gain isn’t the smartest move.

And while you should obviously keep a backup, in the end it might be cheaper to just pay up, especially because of potential future lawsuits should customer data be leaked.

Also, you should absolutely make sure the hackers actually have stolen data instead of merely encrypting it all with a secret key. There’s no point in paying in that case.