Introduction
Cyber insurance has become essential for Belgian SMEs facing the surge in cyberattacks. In 2026, over 65% of Belgian companies have been victims of at least one cyberattack attempt.
What is cyber insurance?
Cyber insurance protects your business against the financial consequences of a cyberattack. It covers:
- Data recovery costs
- Business interruption losses
- Civil liability following a data breach
- Customer notification costs
- Legal assistance
Why Belgian SMEs need cyber insurance
SMEs represent 99% of Belgian businesses and are particularly vulnerable to cyberattacks. Unlike large companies, they rarely have IT resources dedicated to cybersecurity.
Main risks
- Ransomware: 43% of attacks target SMEs
- Phishing: Main entry point for cyberattacks
- GDPR data breach: Fines up to 4% of turnover
- Business interruption: Average cost of €15,000 per day
Legal obligations in Belgium
In Belgium, certain companies are subject to the NIS2 directive which requires enhanced cybersecurity measures. Cyber insurance can help you meet these requirements.
NIS2 compliance
The NIS2 directive applies to:
- Essential service providers
- Important digital service providers
- Companies with more than 50 employees or €10M turnover in critical sectors
How to choose your cyber insurance
Selection criteria
- Insured capital amounts
- Acceptable deductible
- Coverage extent
- 24/7 assistance services
- Insurer reputation
Indicative pricing
For a Belgian SME of 10 to 50 employees, expect between €800 and €2,500 per year depending on your risk profile.
What does cyber insurance cover?
First-party coverage
Business interruption Loss of income due to system downtime, typically covering:
- Lost revenue during restoration
- Extra expenses to maintain operations
- Extended business interruption costs
Data breach response
- Forensic investigation
- Legal counsel
- Notification costs (letters, call centers)
- Credit monitoring for affected individuals
- Public relations services
Cyber extortion and ransomware
- Ransom payment (under conditions)
- Negotiation costs
- Cryptocurrency transaction fees
Data restoration
- System recovery and restoration
- Data reconstruction costs
- Hardware replacement (if damaged by attack)
Third-party liability coverage
GDPR liability
- Defense costs for GDPR violations
- Settlement of claims from affected data subjects
- Regulatory fines and penalties (where insurable)
Professional cyber liability
- Claims from clients for breach of duty
- Transmission of malware to third parties
- Failure to prevent data breach
Additional services
Incident response support
- 24/7 hotline access
- Cyber incident coordinator
- Technical experts (forensics, IT security)
Preventive services
- Vulnerability assessments
- Security awareness training
- Incident response planning
Choosing the right coverage amount
Assessment factors
Company size metrics
- Annual revenue: €500K to €10M
- Number of employees: 10-100
- Customer database size
Data sensitivity
- Personal data volume (GDPR)
- Payment card data (PCI-DSS)
- Health data (special categories)
Recommended coverage levels
| Company Size | Revenue | Recommended Coverage |
|---|---|---|
| Micro (1-10) | < €1M | €250,000 - €500,000 |
| Small (10-50) | €1M-€10M | €500,000 - €2M |
| Medium (50-250) | > €10M | €2M - €5M |
Working with an FSMA-registered broker
Advantages of using an FSMA broker
Regulatory oversight
- Licensed by the Financial Services and Markets Authority
- Subject to conduct rules and capital requirements
- Consumer protection guarantees
Professional duties
- Needs analysis and suitability assessment
- Transparent pricing and commission disclosure
- Ongoing policy review and claims support
Market access
- Multiple insurer relationships
- Competitive pricing through market comparison
- Specialized cyber insurance expertise
Common exclusions to be aware of
Standard exclusions
- Pre-existing breaches: Incidents known before policy inception
- Unpatched systems: Known vulnerabilities not addressed
- War and terrorism: Cyber warfare and nation-state attacks
- Intentional acts: Deliberate misconduct by insured parties
- Betterment: Upgrades beyond pre-incident state
Conditional coverage
Ransomware payment
- May require law enforcement notification
- Subject to compliance with sanctions laws
- Not available in all jurisdictions
Regulatory fines
- Uninsurable in some cases (e.g., criminal fines)
- Depend on insurer appetite and jurisdiction
Case study: Belgian web agency
Profile
- 22 employees
- €1.8M annual revenue
- E-commerce platform development
Incident
- Ransomware attack via phishing email
- 3 days of complete downtime
- Customer database encrypted
Costs covered by insurance
- €45,000: Business interruption (3 days)
- €12,000: Forensic investigation
- €8,000: Data restoration services
- €15,000: Client notification and PR
- €5,000: Legal counsel
- Total claim: €85,000
Annual premium: €2,100
Steps to obtain cyber insurance
1. Risk assessment
Complete a cybersecurity questionnaire covering:
- IT infrastructure and security measures
- Data protection practices
- Incident response capabilities
- Previous cyber incidents
2. Quote comparison
Request quotes from multiple insurers through an FSMA broker:
- Compare coverage scope
- Review exclusions and conditions
- Assess deductibles and sub-limits
3. Policy selection
Consider beyond price:
- Insurer financial strength rating
- Claims handling reputation
- Incident response quality
- Policy flexibility and endorsements
4. Implementation
- Review policy documents carefully
- Understand reporting requirements
- Save emergency contact numbers
- Integrate with incident response plan
Cyber insurance vs professional liability (RC Pro)
Key differences
Cyber insurance covers:
- First-party losses (your own damages)
- Business interruption
- Data breach response costs
- Cyber extortion
RC Pro covers:
- Third-party claims only
- Professional negligence
- Bodily injury and property damage
- Advertising liability
Why you need both
A comprehensive protection strategy requires both policies:
- RC Pro handles traditional professional liability
- Cyber insurance addresses digital risks
- No overlap ensures complete coverage
Preventing cyber incidents
Essential security measures
Technical controls
- Multi-factor authentication (MFA)
- Regular software updates and patches
- Endpoint protection (antivirus/EDR)
- Network segmentation
- Secure backup strategy (3-2-1 rule)
Organizational measures
- Security awareness training
- Incident response plan
- Access control policies
- Vendor risk management
- Regular security assessments
InQase monitoring included
InQase cyber insurance includes 24/7 external monitoring:
- Vulnerability scanning
- DNS and SSL certificate monitoring
- Dark web surveillance
- Real-time priority alerts
- Cybersecurity dashboard
Conclusion
Cyber insurance is no longer a luxury but a necessity for any Belgian SME seeking to protect against growing digital risks. With proper coverage and preventive measures, you can significantly reduce both the likelihood and impact of cyber incidents.
InQase helps you choose the best coverage tailored to your business with:
- FSMA-registered broker expertise
- Partnerships with leading insurers (Hiscox)
- Included 24/7 monitoring
- Fast incident response
Ready to protect your business? Get a free quote online or contact our team for personalized advice in French, Dutch, or English.