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I think that the primary consideration with regard to this verse is one's interpretation of "security and protection from harm". This passage cannot (in my opinion) be rightly construed as a "guarantee" that a Christian will never experience misfortune or physical harm, when other verses (such as John 16:33, and Romans 8:18-23; 35-36) plainly say that, in this present life and in a fallen world, such suffering occurs, and, in fact, can be expected. However, these New Testament passages are then followed by God's assurance (confirming Solomon's words) that, for the Christian, there are higher, lasting guarantees of benefits of eternal significance ("Be of good cheer; I have overcome the world."; "We know that in everything, God works for good with those who love him, who are called according to His purpose." (Romans 8:28); "No, in all these things we are more than conquerors through Him who loved us....[N]either death, nor life, nor angels, nor principalities, nor things present, nor things to come, nor powers, nor height, nor depth, nor anything else in all creation, will be able to separate us from the love of God in Christ Jesus our Lord." (Romans 8:38-39).) I also believe that Christians will never fully know in this life the number of times that activity by God, working through events (including even seeming disasters) and other people (including even non-Christians), has either benefited them, or else mitigated or even totally averted adverse events (both short-term and long-term) concerning them in ways of which they were never even aware. (As Joseph said to his brothers (who had sold him into slavery (Genesis 37:25-28)) after he had revealed himself to them in Egypt, "You meant evil against me, but God meant it for good." (Genesis 50:20).) That is why Christians should give thanks to God in ALL circumstances while on earth.
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