It will greatly dissuade companies. Executives are willing to risk company money, but not their own freedom. If this is a crime, the penalty may be them going to jail. Most are not willing to do that.

And here is the reality for those that pay, both individuals and companies, the attacker will simply extort them forever. They will threaten to expose the 'victim' as breaking the law and paying the ransom. So they can demand ransoms indefinitely and they will have the data to show the ransom was paid. A perfect permanent paycheck for attackers.