Why the Best Security Partner for SMBs Might Be a Cyber Insurance Provider
If there’s one thing for certain we learned in 2024, it’s that cyber risk knows no boundaries and doesn’t discriminate.
Global ransomware attacks on essential services, like Change Healthcare, showed us not only how vulnerable critical healthcare infrastructure is to cyber threats, but also how a single attack can have devastating consequences on the small and midsize businesses (SMBs) that depend on it.
With constrained budgets, minimal in-house security expertise, and an overwhelming variety of cybersecurity solutions, SMBs face an uphill battle in knowing who to trust and how to protect themselves. At Coalition, we’ve witnessed these frustrations firsthand, as many cyber insurance policyholders recognize the need to proactively address cyber risk.
If you’re making cybersecurity decisions for an SMB, you likely want security solutions that match the size and scale of your operation. You may not always have a desire to get mired in technical details, but still need a reliable partner who can speak your language and explain your cyber risk in business terms.
Ultimately, you want to know that someone is watching your business’ back at all times and invested in your well-being — and maybe the answer to these problems has been right in front of you all along.
Where do existing cybersecurity options fall short?
Outsourcing cybersecurity is a necessity for many SMBs. There’s no shortage of existing options in the market, but these options are not all created equal.
Legacy solutions are insufficient
Traditional antivirus and firewall providers have been reliable cybersecurity staples for a while, but they’re not equipped to handle the advanced, multi-layered threats that dominate the modern cyber landscape.
Today’s cyber criminals use sophisticated phishing campaigns, ransomware, and supply chain attacks that require more than just basic tools to mitigate. You simply can’t depend on decades-old security solutions to protect against modern cyber threats.
Today’s cyber criminals use sophisticated phishing campaigns, ransomware, and supply chain attacks that require more than just basic tools to mitigate.
Third-party services may lack cybersecurity expertise
Managed service providers (MSPs) and other third-party services can be a tremendous source of help to your business with IT management, but be careful not to conflate IT support with security support.
MSPs don’t always have deep knowledge about critical vulnerabilities, risky technologies, and other fast-moving risks. They, themselves, may rely on outside help for cybersecurity matters, but you won’t necessarily know who’s providing the intel — and the knowledge gap can leave your business vulnerable to an attack if everyone isn’t adequately working to protect against evolving threats.
Large cybersecurity companies provide tools without oversight
Many well-regarded cybersecurity firms often offer powerful solutions, sometimes at a reduced price that can be enticing to SMBs.
The problem is that these tools still require human expertise to implement, not to mention the ongoing management and mitigation efforts required for the technology to be effective. You don’t want to find yourself armed with an excellent tool without the ability to use it effectively.
What’s motivating your current security partners?
Have you ever considered what’s in it for them? Customer satisfaction and renewing the next contract are certainly motivating factors. But if your security partner lags in response time or makes a critical error, it’s still your bottom line that’s impacted.
Now imagine a security partner that's invested in your cybersecurity. Cyber insurance providers are motivated to help their policyholders minimize risk and avoid costly incidents because financial losses can impact both parties.
Shared goals
You don’t want to experience a cyber attack — and your cyber insurance provider definitely doesn’t want that, either. The potential for financial loss gives cyber insurance providers a powerful motivation to help your business strengthen its defenses and reduce the likelihood of an attack.
Data-driven guidance
Cyber insurance providers have a front-row seat to thousands of cyber attacks every year. They know what’s driving losses and what can be done to help prevent them. With access to vast amounts of claims data, cyber insurance providers can recommend the tools and services that provide the best return on investment.
Built-in support
Some cyber insurance providers go above and beyond recommendations, offering their own cybersecurity services to policyholders. This deep integration and familiarity with your organization can help you allocate resources toward solutions that actually work, backed by a partner that shares the burden of managing your cyber risk.
Cyber insurance providers are motivated to help their policyholders minimize risk and avoid costly incidents because financial losses can impact both parties.
What should you ask when evaluating a security partner?
Security services come in all shapes and sizes. If you’re pondering a new cybersecurity partner (with a cyber insurance provider or otherwise), make sure you're asking the right questions to ensure you’re getting the best protection.
Do they have a holistic view of the threat landscape?
Specialization matters. A security partner that spends its days on the frontlines is more likely to see the bigger picture and account for the wide range of cyber threats that can help your business address complex and unique risks more effectively.
Do they have dedicated security experts on staff?
Cutting-edge technology is important, but you still need human expertise. A quality security partner should be invested in cyber threat research and incident response. These specialists are the ones who can help your business detect and respond to threats like ransomware, phishing, and fraud.
Are they incentivized to spot a threat before it strikes?
Comprehensive cyber risk management means addressing threats before, during, and after an attack. Prevention should be your top priority, but you still want a security partner that’s equipped to help you mitigate risk in real time and recover from an attack, should one occur.
A security partner that spends its days on the frontlines is more likely to see the bigger picture and account for the wide range of cyber threats that can help your business address complex and unique risks more effectively.
What are the benefits of buying security solutions from your cyber insurance provider?
Your cyber insurance provider knows your risk better than anyone. Purchasing tools and services from an organization that is deeply familiar and invested in your business is a way to close security gaps and strengthen your security posture in a coordinated fashion.
Optimized spending
With a financial stake in your security strength, cyber insurance providers are more likely to guide you toward the most effective tools and strategies to mitigate risk. This helps ensure your business gets the highest level of protection for its investment.
Risk insights
Cyber insurance providers know a lot about your industry, including the most common threats and vulnerabilities impacting your peers. When you partner with an insurance provider on security, they can help you choose which risk to prioritize and select tools tailored to your specific needs.
Premium credits
Some cyber insurance providers even offer incentives for enhanced security, including discounted rates on policy premiums when you implement the right tools and services — a win-win scenario where improved security translates into financial savings.
As a cyber insurance provider, Coalition knows firsthand where most SMBs make security mistakes — and the good news is we can help.
Want to learn more about insurance-powered cybersecurity?
Choosing the right security partner is important. With increasingly high stakes and numerous options at your disposal, making the right selection can feel daunting.
As a cyber insurance provider, Coalition knows firsthand where most SMBs make security mistakes — and the good news is we can help.
Coalition Security is designed to protect your business from the expanding universe of cyber threats with experts who are invested in your risk. We offer a wide range of security products and services that can help before, during, and after an attack.
Coalition Control®: Identify vulnerabilities and mitigate threats with a unified cyber risk management platform
Coalition Managed Detection & Response: Protect endpoints 24/7 with seasoned experts at the helm
Coalition Security Awareness Training: Train employees to recognize and report suspicious email activity
Coalition Incident Response: Respond to attacks faster and recover with minimal business disruption
Now’s the time to find the right security partner for your business. To learn more about Coalition Security, visit coalitioninc.com/security or click here to speak with our team.
