How would you deal with the threat of ransomware? How would you deal with being a victim of it ?

You use a standard account. My brother-in-law received a similar message, except the ransomware stated that the FBI has lock his computer down and he needed to make a payment of $80 or so dollars to have it unlock. I turned his computer off ran the Malwarebytes and remove the program. I told him to create himself a standard account so that he won't have programs taking control of his computer.

I've been a victim of it. First thing is not to panic. The malware gave a "deleting" files dialog followed by a "pay me" to recover the files dialog. It didn't really delete the files, it hid them. I had to boot into safe mode, remove the malware entries in the registry and unhide the files . I was back up and running in less than an hour.

Most of the time, it can be trivial to reverse the malware. But there are times when the con has done it proper and has fully encrypted your filing system and recovering it is nigh impossible. At this point I would hope a proper backup has been done. If you're caught with all your sensitive and valuable data encrypted by a hacker, you messed up.
Personally I would never pay the fee. I would try everything in my power to reverse the malware or just roll back to a known good. If you can't do either one of those, then wiping is your best bet. It can be very difficult (depending on the sophistication of your attacker) to tell if they installed a kernal level root kit or something. Best to just wipe and not chance it.