Blumira, a provider of security information and event management and extended detection and response solutions, has struck an alliance with Beltex Insurance Agency.  

The collaboration is set to provide small and mid-sized businesses (SMBs) with enhanced cybersecurity insurance solutions.  

It aims to improve coverage, offer competitive rates and enhance incident response capabilities for managed service providers (MSPs) and their SMB clients. 

According to Blumira, a mere 55% of organisations possess cyber insurance, and just 19% are covered for cyber events exceeding $600,000, despite a rise in cyberattacks.  

The alliance between Blumira and Beltex seeks to bolster cyber insurance adoption and safeguard SMBs from cyber threats.  

As a preferred vendor partner of Beltex, Blumira’s MSP partners can now present their customers using Blumira’s SIEM solution with coverage options and potentially more favourable cyber insurance rates. 

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Moreover, MSPs will have the opportunity to apply for the Beltex Certified Incident Response (IR) programme.  

This initiative will allow MSPs to engage in their customers’ IR processes and potentially receive reimbursement for their efforts.  

Beltex insurance is currently available to MSP customers in the US with an annual revenue of less than $100m, covering 48 states, with plans to expand to two more states shortly. 

Blumira director of partner strategy Jeremy Young said: “Blumira’s partnership with Beltex is a game changer for MSPs, creating an insurance product that considers the specific security tools MSPs are using to offer higher limits at lower costs is desperately needed in our space.  

“Additionally, Beltex understands the MSP’s role in the IR process and, in doing so, has created the ability for them to get reimbursed for their work – it has never happened before.” 

Beltex founder, CIO and managing partner Dustin Bolander said: “Collaborating with industry leaders like Blumira enables us to accelerate our commitment to delivering quality policies and competitive rates to SMBs.  

“Together, we are shaping a landscape where businesses can thrive with the assurance of robust security solutions tailored to their unique needs.”  

In other recent developments in the cyber insurance space, Resilience, a US-based cyber insurance provider acquired BreachQuest, a company specialising in IR platforms.  

Additionally, Beazley, a UK-based specialty insurer, launched Beazley Security, a new cyber risk management company integrating various cybersecurity services.