Backblaze Partners with Coalition to Elevate Cyber Risk Protection and Compliance

Rhea-AI Summary

Backblaze (Nasdaq: BLZE) has partnered with Coalition to enhance cyber risk protection and compliance. The partnership integrates Backblaze Computer Backup into Coalition's cyber risk management platform, Coalition Control®. This initiative aims to close gaps in business continuity planning, providing businesses with an enterprise-grade, unlimited backup solution. With ransomware incidents rising over 15% from FY '22 to FY '23 and average ransomware demands nearing $1.4 million, the partnership offers a proactive approach to cyber insurance coverage and data security. Coalition's platform, serving over 80,000 customers across the US, Canada, Australia, and the UK, now includes Backblaze's user-friendly and comprehensive backup solution, aiding businesses in improving their cyber incident remediation and compliance.

Positive

• Partnership with Coalition enhances cyber risk protection.
• Integration with Coalition Control® improves business continuity planning.
• Provides an enterprise-grade, unlimited, and automatic endpoint backup solution.
• Addresses gaps in cyber security posture, especially for immutable, off-site backups.
• Ransomware incidents increased over 15% from FY '22 to FY '23.
• Average ransomware demands increased to nearly $1.4 million.
• Helps businesses qualify for cyber insurance coverage.
• Supports over 80,000 customers in the US, Canada, Australia, and the UK.
• Improves incident preparedness and compliance.
• Offers predictable pricing for unlimited capacity and enterprise administration features.

Negative

• Potential increased operational costs associated with integrating Backblaze solutions.
• Risk of dependency on a single backup solution provider.
• Market competition may challenge the unique selling proposition of the partnership.

Insights

Cybersecurity Analyst

The partnership between Backblaze and Coalition promises to significantly improve the cybersecurity posture of businesses by closing important gaps in their business continuity plans. By integrating Backblaze Computer Backup into the Coalition Control® platform, companies can now access a robust endpoint backup solution that is both automatic and unlimited. This is particularly important given the rise in ransomware attacks, which increased by over 15% year-over-year from FY '22 to FY ’23. The average ransomware demand also shot up to nearly $1.4 million, further emphasizing the need for reliable data backup solutions. This integration will help businesses qualify for cyber insurance coverage, which often requires immutable, off-site backups.

The automatic nature of the backup solution means businesses don't need to invest heavily in IT resources for setup and management, which is a significant advantage. Additionally, features like fine-grained access controls and OIDC authentication support add an extra layer of security, making it easier for businesses to comply with stringent regulatory requirements. For investors, this partnership positions Backblaze as a strong player in the cybersecurity landscape, likely boosting its market share and revenue streams.

Financial Analyst

From a financial perspective, this partnership is a strategic move for both Backblaze and Coalition. For Backblaze, it opens up a new revenue stream by tapping into Coalition's extensive customer base of over 80,000 policyholders across multiple countries. The ability to provide an integrated solution for business continuity and cyber risk management could lead to higher customer retention and new customer acquisitions, thereby increasing recurring revenue. For Coalition, this partnership enhances its value proposition by offering a comprehensive risk management solution that goes beyond traditional insurance coverage. This differentiation could help Coalition justify higher premium rates and attract more clients seeking robust cyber risk mitigation tools.

Furthermore, the predictable pricing model for Backblaze’s unlimited backup capacity is likely to be a strong selling point, particularly for small to medium-sized enterprises that are often price-sensitive. Investors should monitor how this partnership impacts Backblaze's subscription growth and overall financial health in upcoming quarters. The initiative could also set a precedent for similar collaborations in the industry, potentially driving further innovations in cyber risk management.

Cloud backup innovator and cyber insurance company close gaps in business continuity planning by adding Backblaze Computer Backup to the Coalition Control® cyber risk management platform

SAN MATEO, Calif., June 13, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator providing a modern alternative to traditional cloud providers, today announced a new partnership with Active Cyber Insurance provider Coalition to help businesses proactively reduce their cyber risk. The partnership provides Coalition’s customers with direct access to Backblaze Computer Backup, an enterprise-grade, unlimited, and automatic endpoint backup solution, via the Coalition Control® cyber risk management platform.

Many businesses have gaps in their cyber security posture that disqualify them from cyber insurance coverage, especially when it comes to immutable, off-site backups. With ransomware continuing to rise over 15% (FY '22 to FY ’23) and the average ransomware demand increasing to nearly $1.4m, cyber insurance has become increasingly important for risk mitigation. Businesses of all sizes need access to reliable backups to gain adequate coverage and better secure their most valuable data.

“Adding Backblaze’s industry-leading cloud backup as the recommended backup solution in Coalition Control will help our customers improve their business continuity plans and cyber incident remediation through reliable data backups,” said John Roberts, General Manager, Security, at Coalition. “Backblaze’s accessible solution delivers businesses a win-win with increased compliance and enhanced incident preparedness.”

Backblaze Computer Backup combines simplicity—including preconfigured installers for faster “time to security,” backing up all user data by default, and predictable pricing for unlimited capacity—with available enterprise administration features that businesses need to protect business-critical data across hundreds or thousands of workstations—including fine-grained access controls, OIDC authentication support tools like for Azure AD and Okta, and advanced backup lockdown and recovery settings.

“Partnering with Coalition means we can take another step forward in making data protection and disaster recovery accessible to businesses of any size,” said Elton Carneiro, Senior Director, Partnerships, at Backblaze. “We are excited to work with experts in cyber insurance to play our part in bolstering protection against threats and shoring up compliance.”

Coalition supplies policyholders in the United States, Canada, Australia, and the United Kingdom with access to industry-leading cyber security tools through its cyber risk management platform, Coalition Control®. Insurance products offered by Coalition help over 80,000 customers face rapidly evolving digital risk with comprehensive cyber insurance coverage.

About Backblaze

Backblaze is the cloud storage innovator providing a modern alternative to traditional cloud providers. We deliver high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling them to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (NASDAQ: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to www.backblaze.com.

About Coalition

Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate potential cyber-attacks. Leveraging its relationships with leading global insurers and capacity providers, including Coalition Insurance Company, Coalition offers Active Insurance products to businesses in the U.S., the U.K., Canada, and Australia. Policyholders can receive automated cyber alerts and access expert advice and global third-party risk management tools through Coalition's holistic cyber risk management platform, Coalition Control®.

Insurance products are offered by Coalition Insurance Solutions Inc. (“CIS”), a licensed insurance producer and surplus lines broker with its principal place of business in San Francisco, CA (Cal. license #0L76155), acting on behalf of a number of unaffiliated insurance companies and available on an admitted basis through certain carriers. Insurance products offered through CIS and CIC may not be available in all states. CIS may receive compensation from an insurer or other intermediary in connection with the sale of insurance. All decisions regarding any insurance products referenced herein, including approval for coverage, premium, commission, and fees, will be made solely by the insurer underwriting the insurance under the insurer’s then-current criteria. All insurance products are governed by the terms, conditions, limitations, and exclusions set forth in the applicable insurance policy. Please see a copy of your policy for the full terms, conditions, and exclusions. Copyright © 2024. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc. or its affiliates.

Press Contact

Jeanette Foster
Communications Manager, Backblaze
jfoster@backblaze.com

FAQ

What is the new partnership between Backblaze and Coalition?

Backblaze has partnered with Coalition to integrate its Computer Backup solution into Coalition's cyber risk management platform, Coalition Control®.

How does the Backblaze and Coalition partnership benefit businesses?

The partnership provides an enterprise-grade, unlimited backup solution, improving business continuity planning and aiding in cyber incident remediation.

What impact has ransomware had on the need for this partnership?

Ransomware incidents rose over 15% from FY '22 to FY '23, with average demands nearing $1.4 million, highlighting the need for robust backup solutions.

Which regions does Coalition's platform serve?

Coalition's platform serves over 80,000 customers across the United States, Canada, Australia, and the United Kingdom.

What are the features of Backblaze Computer Backup included in this partnership?

Features include unlimited capacity, preconfigured installers, predictable pricing, and enterprise administration tools like OIDC authentication support.