Cybersecurity

If your Belgian company does business online, there is a 1 in 2 chance you’ll be targeted by a cyber attack every year – this is according to VLAIO, the Flemish Agency for Innovation and Entrepreneurship. But many business owners aren’t aware of the risks. Cybersecurity only becomes an issue when they discover an attack – and the associated damage – to their business.

BNP Paribas Fortis is working with entrepreneurs to address this issue.  Sabine De Maere, Coordinator Government Incentives at BNP Paribas Fortis: “Cybersecurity is a growing challenge for Belgian companies. It’s crucial for their future and our economy. That’s where our bank makes a difference. We strongly believe in the synergy between investments and subsidies. We help entrepreneurs apply for government subsidies and link these to our credit facilities. That way, we make the transition to security solutions feasible.”

Regional differences

Experts like Rita Dos Santos Aguilar, Specialist Government Incentives for Wallonia, and Xavier Reul, Specialist Government Incentives for Brussels at BNP Paribas Fortis, help companies in Brussels and Wallonia apply for government subsidies. Together with Sabine De Maere, they have first-hand experience of the different approaches to cybersecurity in business, taken by the Flemish, Walloon and Brussels-Capital Regions.Sabine De Maere: "In Flanders, companies can apply for subsidies for cybersecurity improvement programmes. VLAIO subsidises 50% of the cost of purchasing external cybersecurity support for SMEs, social enterprises, and non-profit organisations. Other companies can receive a subsidy that covers 35% of the cost."

Xavier Reul: "The Brussels-Capital Region offers companies support for securing their IT systems, capped at €10,000. This accounts for 25 to 70% of the investment."

Wallonia offers a cyber scan through 1890.be, a hub for (future) entrepreneurs. After completing a questionnaire, business owners receive advice and guidance on cybersecurity. The region has a system of company vouchers for cybersecurity: companies can have their online activities screened by specialists, who search for potential security issues. Wallonia also offers limited financial support.

Rita Dos Santos Aguilar: "Wallonia does not offer investment support specifically for protection against cyber attacks. But there are investment subsidies for the purchase of software, licences and associated implementation costs. These are valuable tools in the fight against cyber attacks. However, IT development, update and maintenance costs, and website development are not eligible for subsidies. So, there is still some room for improvement."

A cybersecurity expert weighs in

For Jan Populaire, the transition from financial expertise to cyber knowledge was a natural one. He served as Cyber Security Awareness Coordinator at BNP Paribas Fortis for several years. Today, Jan  offers low-threshold cybersecurity awareness training with Psybersafe and guides companies on their path to cybersecurity. He is also the chairman of the Awareness Focus Group within the Belgian Cyber Security Coalition, of which BNP Paribas Fortis is a structural partner.

Jan believes that awareness of cybersecurity is stronger in larger awareness is stronger in larger companies than in SMEs: "Larger enterprises with a workforce of over 150 employees, are much more likely to work with a contractor for this type of security and often  appoint an in-house coordinator as well. Typically, the GDPR officer – usually a lawyer – is also in charge of cybersecurity, which is not ideal. The IT manager is also a common  choice. SMEs that are aware of the risks often opt for an external party to mitigate them. Or they think that their suppliers should handle this issue."

Despite the rising cybersecurity risks for companies, he feels that cyber attacks are widely underestimated.  "Cyber insurance costs less than comprehensive car insurance. At the same time, companies are 40 times more likely to experience a cyber attack than a fire. While business owners would never question the need for fire insurance, many of them don't consider taking out cyber insurance. Because the business community and the worlds of finance and insurance are so closely linked, my feeling is that the development of dedicated insurance products is slow, precisely due to this lack of interest from the market.”

The consequences of a cyber attack are severe for any company: "There can be several days of complete downtime, a significant loss of data and possibly also money. The risk of reputational damage should also not be underestimated,” adds Jan. As well as increasing awareness, he also recommends that every company take a number of basic steps: "Everyone should start by developing plans – scenarios for when things go wrong. Ask yourself these questions: "What are my company's vulnerabilities? Have my workers had a minimum of training on this issue? What should I do if something happens in my supply chain? Or if my inventory management is suddenly affected? Do I have qualitative back-ups for this? And if I can't solve these problems myself, who will help me?" The answers to these questions also contain the answers for practical steps towards the solution. But again: awareness of this issue is becoming increasingly important."

Call to entrepreneurs

Sabine De Maere concludes: "Cybersecurity is not a cost, it's an investment in growth. Investing in cybersecurity today is essential for businesses. Don't wait until it’s too late. Use the government subsidies that are already available and make sure your business is resilient to the increasingly complex cyber threats. BNP Paribas Fortis is your partner for your investment projects and together we will find  the ideal financing mix to support your projects."

Useful links

The Centre for Cybersecurity Belgium (CCB) has several useful tools and resources for companies and organisations in Belgium on its website.

You can also find free tools on the website of the Belgian Cyber Security Coalition that SMEs can use to fine-tune their cybersecurity. BNP Paribas Fortis is a structural partner of the organisation, which brings together academia , government and private sector to strengthen cyber resilience in Belgium.

With the support of the European Union, the FPS Economy offers 25 free services for Belgian SMEs (www.mijnzaakcyberveilig.be - FR mapmecybersecurisee.be ).