Cyber Insurance | Protect Your Business Against Cyberattacks

Ransomware, phishing, data breaches, wire transfer fraud: a cyber insurance protects your business from the financial consequences of a cyberattack. In Belgium, the risk has never been higher. In 2025, the Belgian Cybersecurity Center (CCB) recorded 635 incident reports, an increase of nearly 70 % compared to 2024, of which 556 were directly related to cyberattacks. Phishing, account compromise, and ransomware remain the most common threats.

Despite this reality, preventive measures remain insufficient. 70 % of Belgian companies believe they are likely to be targeted, but less than half (46.40 %) have implemented two-factor authentication. A Belgian company, regardless of its size, is therefore never safe from hacking, data breaches, viruses, or extortion. The consequences directly affect its operations and reputation.

That is why a cyber insurance in Belgium is becoming a risk management tool in its own right, just like professional liability insurance or fire insurance. The good news is that the market has evolved. Some insurers now offer coverage extensions that were uninsurable until recently.

At Avesta, we help Belgian companies choose cyber insurance coverage tailored to their business. We work with legal and IT experts who can step in as soon as there is even a suspicion of an incident.

Why Should You Purchase Cyber Insurance in Belgium?

A cyberattack is no longer a remote possibility. The number of cyber incidents handled by Belgian brokers increased by 64 % in 2024. This trend shows just how commonplace the risk has become, for both small and medium-sized businesses and large organizations.

In the event of an incident, a rapid response is essential to limit the damage. This is the role of the immediate assistance provided by cyber insurance: investigation, technical expertise, and ongoing support until the incident is fully resolved. Some insurers even have their own incident response team, available 24 hours a day, 7 days a week, from the moment the first suspicion arises.

What does cyber insurance for businesses cover?

A cyber insurance policy primarily covers the financial consequences of a cyber incident. The main coverages generally include:

• Incident Management : fees for specialists (IT, legal, crisis communications); ;
• Data Recovery and the replacement of computer hardware and software; ;
• Operating losses : compensation for losses and additional costs resulting from the shutdown of your IT system; ;
• The Data Breach : notifying affected individuals and monitoring stolen data; ;
• Administrative Investigations and Sanctions : particularly in the event of non-compliance with the GDPR; ;
• Civil Liability : damage suffered by third parties (customers, partners), transmission of viruses, media liability; ;
• Cyber-extortion : incident management and ransom (ransomware); ;
• Overbilling for Phone and Cloud Services following a cyberattack; ;
• Losses Related to Payment Cards.

According to the insurer, legal protection can supplement the coverage: criminal defense, civil claims, disputes with the APD, or conflicts related to a domain name.

Cyber Insurance: New Coverage Options Offered by Some Insurers

The cyber insurance market is evolving rapidly. Risks that were long considered uninsurable can now be covered by certain insurers, often with a specific coverage limit:

• Damage to reputation : loss of revenue due to damage to the company's reputation following an incident; ;
• Property damage to technical equipment : optional and in addition to your other insurance policies; ;
• Damage to raw materials caused by a cyberattack; ;
• Contractual Penalties owed to your customers following an incident; ;
• Fraud : identity theft (CEO fraud, fraudulent wire transfer orders) and cyberfraud through unauthorized access; ;
• NIS2 and DORA Requirements, for companies affected by these new European regulations.

Other mechanisms make the coverage more robust:

• Restoration of the Guarantee : If an initial claim exhausts the insured amount, it may be replenished once, subject to certain conditions; ;
• A deductible expressed in hours for operating losses, rather than in euros, with a timeframe that varies depending on revenue.

Not all insurers offer these coverage extensions. Their terms and limits vary from one company to another. This is precisely where a broker’s analysis makes a difference.

Cybersecurity and Cyber Insurance: Prevention as a Lever

Some insurers no longer limit themselves to paying claims. They include prevention tools in their policies, sometimes at no additional cost:

• Scan for vulnerabilities in your external system, directory, and cloud environments; ;
• phishing simulations and employee training; ;
• securing your email against fraud; ;
• Active monitoring of your systems to prevent intrusions.

Using these tools can improve your insurance coverage. With some insurers, this can lower your deductible or increase the coverage limits for certain types of coverage, such as fraud or property damage. Cybersecurity and insurance are now advancing hand in hand.

What are the common exclusions in cyber insurance?

Like any insurance policy, cyber insurance has limitations that you should be aware of before purchasing a policy. The most common exclusions are:

• bodily injury; ;
• a system failure caused by a purely hardware-related issue, excluding cyberattacks; ;
• damage resulting from a power outage.

Certain risks that were long excluded may now be covered, depending on the insurer you choose. This includes damage to reputation, certain types of property damage, and fraud. Coverage for these risks depends on the terms of the policy. Only the general and specific terms and conditions of your policy are binding: we review them with you before you purchase any coverage.

How much does cyber insurance cost in Belgium?

The rate depends primarily on the company's revenue and the desired guarantee amount.

For example, for an SME with 10 million euros in revenue, coverage of 500,000 euros amounts to approximately 1,850 euros per year (excluding taxes). Options range from €1,500 for coverage of €250,000 to €3,640 for coverage of €2 million.

Several factors can affect the premium or deductible:

• a discount if your professional liability insurance is already covered by the same insurer; ;
• a higher deductible in exchange for a lower premium; ;
• With some insurers, you can qualify for a reduced deductible if you use the prevention tools they offer.

These amounts are for reference only. Each risk profile (industry, data processed, cybersecurity measures in place) is subject to an individual analysis by the insurer before the final rate is confirmed.

How do I purchase cyber insurance with Avesta?

As insurance broker As an independent firm with offices in Brussels, Namur, Liège, and Lille, Avesta compares the offerings of the leading cyber insurance providers operating in Belgium on your behalf. We identify those that offer coverage extensions relevant to your business and help you choose the coverage that best fits your budget. Cyber insurance is also part of a comprehensive approach to your business insurance.

Don't have cyber insurance yet? Is your policy more than a year old? Now is the right time to take stock.

Contact us at +32 2 883 40 30 or by email at info@avesta.be to get a personalized risk assessment and a customized cyber insurance quote.

Frequently Asked Questions About Cyber Insurance

Is cyber insurance mandatory in Belgium?

No, there is no general legal requirement. However, some customers, partners, or clients require it in their contracts. For companies subject to NIS2, cyber insurance is a natural part of the expected risk management.

Does an SME need cyber insurance?

Yes. Small and medium-sized businesses are often targeted because they have fewer cybersecurity resources. A single attack can shut down their operations for several days. Cyber insurance for small and medium-sized businesses covers response costs, business interruption, and liability to third parties.

What should I do in the event of a cyberattack if I have insurance?

Contact your insurer's hotline immediately, before taking any other action. Keep any evidence of the incident and notify your broker. A quick response minimizes damage and makes it easier to handle the situation.

Does cyber insurance cover CEO fraud?

Not always. Some insurers offer a fraud coverage extension that covers identity theft and fraudulent wire transfer orders. The coverage limits and conditions vary by company.

Does cyber insurance replace professional liability insurance?

No, the two are complementary. Professional liability insurance covers errors made in the course of your work. Cyber insurance covers IT incidents and their consequences. An insurance broker ensures that there are no gaps in coverage between your policies.