Published on August 11, 2026 · The mitza.es team
INCIBE handled 122,223 cybersecurity incidents in Spain during 2025, and 60% directly affected SMEs and freelancers. With that level of risk, more and more businesses are considering taking out cyber-risk insurance, but it isn't always clear what it actually covers or how much it costs.
How much cyber insurance costs for an SME
Basic premiums for SMEs in Spain start at around €400-500 a year and can reach €1,200-1,500 when broad coverage for ransomware and business interruption is included. As a reference, Hiscox offers €100,000 of coverage for around €1,026 a year, and Telefónica has an option starting at €997 a year for the same coverage. The final price depends on the sector, the volume of data you handle and the security measures you already have in place.
What a cyber-risk policy typically covers
- Legal assistance following a security incident.
- Costs arising from phishing and impersonation attacks.
- Digital identity theft.
- Damage to systems and technical remediation costs.
- In more comprehensive policies, business interruption and ransomware ransom payments.
Why it's worth doing the math
The average cost of a cyberattack for a small business in Spain ranges between €35,000 and €75,000, a figure that can be fatal for a business with modest revenue. Compared with an annual premium of a few hundred euros, the math usually favors taking out insurance, especially for businesses that handle customer data or depend entirely on their systems to invoice.
The fine print that matters: the minimum measures required
Insurers don't cover any scenario unconditionally. It's common for them to require regular backups, up-to-date system updates and, increasingly, multi-factor authentication on critical access points. If you can't prove you met those minimum measures at the time of the attack, the insurer can reject the claim. It's the same baseline required by the NIS2 directive for companies within its scope, and it connects directly with the rise in ransomware and AI-powered fraud we've seen this year in Spain.
Before taking out a policy, check what you already have
It makes little sense to pay a premium for a risk you can reduce with basic measures, or to take out insurance that won't pay out later because you don't meet its requirements. Our IT maintenance service includes a basic security review of equipment and backups, and if you need a more complete diagnosis before taking out a policy, you can request a tailored audit.