Is paying ransom illegal?

Is it legal to pay ransom in the context of cryptocurrency and finance? Many individuals and organizations have faced the difficult decision of whether to pay a ransom to hackers who have compromised their digital assets. On one hand, the payment could potentially result in the restoration of access to valuable data or funds. On the other hand, paying the ransom may encourage further criminal activity and potentially violate laws related to money laundering or supporting terrorist organizations. As a professional in this field, I am curious to understand the nuances of this issue and how it is addressed in various jurisdictions.