In a move to enhance its cyber resilience capabilities, Veeam Software, a global leader in data protection and ransomware recovery solutions, has acquired Coveware, a specialist in cyber-extortion incident response. This acquisition would mark a significant step in bolstering Veeam’s cybersecurity offerings, providing customers with advanced tools to combat the growing threat of cyber attacks.
Delivering its incident response services, Coveware will continue to operate under its established brand, offering both reactive and proactive support to victims of cyber extortion. Since its inception in 2018, Coveware has played a pivotal role in assisting thousands of victims, developing software and services that would enable quick forensic analysis, negotiation with extortionists, and efficient data recovery from ransomware attacks. Financial terms of the deal were not disclosed.
The integration of Coveware’s capabilities into Veeam’s portfolio would be poised to transform how enterprises handle cyber threats. With Coveware’s insights into threat actor patterns and its advanced ransomware recovery technologies, Veeam aims to provide a more comprehensive cybersecurity framework. These tools will be incorporated into Veeam’s existing platforms, such as the Veeam Data Platform and the Veeam
Cyber Secure Program, expanding the reach of these advanced security measures to a broader customer base.
Anand Eswaran, CEO of Veeam, emphasized the inevitability of cyber threats and the critical need for robust defenses. “Seventy-six percent of organizations have been attacked over the past twelve months,” Eswaran noted, highlighting the urgency of enhancing cyber resilience. He further detailed how combining Coveware’s incident response prowess with Veeam’s data protection solutions creates a formidable force against cyber threats, ensuring rapid recovery and enhanced security for over 450,000 customers globally.
Coveware’s suite of technologies includes an automated system capable of intricate forensic triage across various operational environments. Its purpose is to evaluate the extent of damage, identify the ransomware type, and facilitate data recovery. Their Software-as-a-Service (SaaS) platform serves not only to visualize attack data but also to provide critical insights that make recovery faster and more effective. Coveware’s global team is available to provide support when preventing, assessing, and recovering from cyber incidents.
Bill Siegel, Coveware’s CEO and co-founder, has pledged to reduce disruption costs through effective incident response tools and services. He stated that the threat intelligence they collect is useful in not only immediate responses but also in improving their enterprise clients’ proactive strategies, including those within the Fortune 500 group.
Alex Holdtman, Coveware’s CTO and co-founder, touched on the synergy that the acquisition has created and the chance it presents to extend their improved capabilities to a broader global audience.
Emphasizing the significance of the acquisition, IDC Research Vice President Phil Goodwin addressed the shortfalls in many organizations’ data backup strategies, which all too often result in ransom payments. He discussed how Coveware’s integration with Veeam’s platforms can enhance detection times and recovery processes, thereby reducing cyber attack influences. According to an IDC survey, Goodwin’s views are supported by evidence that although best-practice recovery from ransomware is less than 24 hours, 70% of organizations take a matter of days or even weeks to recover.