My employers was hit with ransomware right before Thanksgiving a couple of years ago.
We were fortunate that our head of IT noticed some suspicious activity at about 10:00 at night, had a good idea of what was going on, and almost immediately came to campus to physically shut down our systems. Doing that likely mitigated some damage, although the worst was already done.
We ended up being closed for a week and a half, and managed to return to some semblance of functionality. Several of our systems(like Blackboard, which is our learning management system and handles...a lot...) are externally hosted but were still down because they are routed through an on-campus single sign on server. The SSO was one of the first systems brought back up. A year and a half later, though, there are still a few lingering things that have not been restored, and still some bugs that pop up.
During the initial recovery, we had a few teams come in including a forensics team that was talking to the FBI and a negotiations team in touch with the hackers.
We were able to restore from backup and only lost about 3 days of emails and other documents-all in all not a terrible outcome.
In any case, though, during a big faculty meeting(the first fully in-person one we'd had in my time there) the question was asked about paying the ransom. The answer we were given was that even though we were in active discussion with the hackers(presumably to get as much information as possible), actually paying the ransom was never under consideration. We were given two reasons-the first was that there was no guarantee that they would actually give us anything of use, but the other was that they had estimated even with the decryption keys on hand, it would likely take as long to decrypt as they estimated restoring/rebuilding from backup would take.
It turned into an interesting finals week, though. Among other things, we did not have copiers. The copiers themselves presumably worked fine, but the PIN boxes that unlock and charge the appropriate accounts weren't working. Our campus print shop could still make copies-we just had to physically walk things over and fill out a paper work order with number of copies and an account number to charge.
We also didn't have email at that point, as our faculty/staff email is on a local Exchange server that was being rather stubborn to come back up(it was the last major system that they got working). It confused the heck out of the students as once our SSO server was back up, they could use their externally hosted Exchange 365 email. We had a few days of paper memos stuck in our mailboxes for campus-wide communication and updates. Once email did come back up, it only worked on the campus network, which honestly was kind of nice(I was hoping that wouldn't get fixed before Christmas break so that I would be free of checking it but it did come back the last day...)