Cyberattacks are increasing at an alarming rate, and small businesses remain the preferred targets of hackers. Does your professional liability insurance truly shield you from the dramatic fallout of a cyber incident? Financial losses, damaged reputation, stolen sensitive data, or even the complete shutdown of your business… The risks are very real. Discover why a tailored cyber insurance policy could save your company — and how to choose the right one wisely.
Belgium's small businesses are finding themselves at the heart of an unprecedented wave of cyber attacks. According to L'Echo, the Centre for Cybersecurity Belgium (CCB) had already sent out over 5,000 alerts to Belgian businesses in March 2024. Worldwide, Le Monde Informatique has reported that over 195 million pieces of data were compromised in 2024.
It's not a question of if you're going to fall victim to a cyber attack, but when. The consequences of a cyber attack can be disastrous: financial losses, reputational damage, theft of sensitive data, or even a total shutdown of business.
Why are VSEs/SMEs vulnerable?
Hackers frequently target smaller organisations that have difficulty deploying advanced defensive strategies. Little or no dedicated staff, tight budgets and a lack of training on phishing (a technique used by fraudsters to obtain personal information by impersonating a third party) make these entities particularly vulnerable.
VSEs and SMEs, sometimes believing themselves to be less attractive to cybercriminals, pay the price of often limited resources and a lack of awareness among their staff.
Professional liability insurance vs. cybersecurity insurance
Many managers think they are protected by their professional liability insurance. However, this general coverage very rarely covers the specific damage and costs associated with cyber attacks. Professional liability insurance is designed to cover professional errors, omissions or negligence, but it does not cover (or only partially covers):
- Operating losses due to a cyber attack,
- The cost of restoring an encrypted system,
- Ransom demands,
- Legal support in the event of a data breach (GDPR notices, third-party prosecutions),
- Reputational damage resulting from a cyber attack.
Cyber insurance is specifically designed to protect the business against the financial and legal consequences of an IT incident, where traditional professional liability insurance is often insufficient.
The major benefits of cybersecurity insurance
Even with the very best IT protection, no system is infallible. To anticipate catastrophic scenarios, taking out cyber insurance is a strategic choice. The policies available most often cover:
- Incident response: intervention from experts, data recovery, legal assistance.
- Operating losses: compensation for loss of sales.
- Civil liability: protection in the event of third-party claims (e.g. data leaks).
- Crisis communication: advice on informing the media, partners and competent authorities.
Some industries and regulated bodies are now making the purchase of cyber insurance mandatory. What's more, investors and business partners are attaching increasing importance to this protection, too.
How do I choose the right cyber insurance policy?
Given the variety of policies on offer, we advise you to use an insurance broker such as Yago. A broker's job is to:
- Carry out a customised analysis: the broker studies the company's business and IT infrastructure in order to recommend a suitable policy (amount of cover, excess, exclusions).
- Compare rates: they put several companies in competition with each other, so they can negotiate better value for money.
- Support you over the long term: in the event of a claim, the broker works alongside the business to help with the necessary procedures (claim, follow-up on compensation) and ensure that contractual obligations are properly met.
The importance of prevention
Cyber insurance does not replace the basic security measures:
- Regular software and operating system updates,
- Automatic backups (including recovery tests),
- Training of teams (phishing, social engineering),
- An incident response plan, essential for acting quickly to limit damage.
Besides, certain security measures are essential for companies to be able to get coverage.
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Conclusion
With a 64% increase in cyber attacks in Belgium, Brussels' VSEs and SMEs can't afford to neglect their cybersecurity. Taking out cyber insurance, in particular via a broker, is both a financial lifeline and a way to boost your company's best practices. By combining prevention with the appropriate coverage, these businesses strengthen their resilience and protect their long-term future in an increasingly risky digital world.
If you haven't already considered this protection, perhaps it's time to look into it before it's too late!
Find all the insurance policies you need for your business on our website, or contact the broker Yago by email (hugues.bocquet@yago.be) or telephone (+32 588 41 65).