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 Global Team of Cyber Threat Experts
Coveware’s technology suite includes a fully automated system that performs intricate forensic triage across operational environments to assess impacts, identify the type of ransomware, and facilitate data recovery. This Software-as-a-Service (SaaS) platform not only helps visualize attack data but also provides critical insights that would aid in faster and more effective recovery. Additionally, Coveware’s global team of cyber threat experts would offer support in assessing, preventing, and recovering from cyber incidents.
Bill Siegel, CEO and co-founder of Coveware, expressed his commitment to minimizing disruption costs through superior incident response tools and services. “The threat intelligence we gather not only aids in immediate response but also enhances the proactive strategies of our enterprise clients, including those in the Fortune 500,” said Mr. Siegel.
Alex Holdtman, CTO and co-founder of Coveware, also commented on the synergy created through the acquisition, noting the opportunity to distribute their refined capabilities to a wider audience globally.
Further endorsing the strategic acquisition, Phil Goodwin, Research Vice President at IDC, pointed out the shortcomings in many organizations’ data backup strategies, which often lead to ransom payments. He explained how Coveware’s integration into Veeam’s platforms could improve detection times and recovery processes, ultimately reducing the impact of cyber attacks. Goodwin’s insights are backed by an IDC survey indicating that while the best-practice recovery time from ransomware is less than 24 hours, 70% of organizations take days or weeks to recover.
