Veeam announces acquisition of Coveware

Coveware by Veeam will provide industry-leading cyber extortion incident response and proactive business readiness services to Veeam’s existing ransomware protection and recovery capabilities. It will offer forensic and remediation capabilities through the Veeam Data Platform, as well as proactive services to Veeam Cyber Secure customers.

Veeam Software today announced the acquisition of Coveware, which «offers best-in-class ransomware recovery and first-in-class capabilities to further strengthen Veeam’s radical resilience solutions for customers», the statement said.

Coveware by Veeam will continue to operate as it does today, providing incident response services to victims of cyber extortion attacks, as well as working proactively with business customers in incident response preparation.

Since its founding in 2018, Coveware has helped thousands of victims of cyber extortion and has developed industry-leading software and services that enable rapid forensic classification, negotiation and remediation of extortion, cryptocurrency settlements and decryption services with a unique goal and result: data recovery from ransomware attacks.

Through these incidents, Coveware has gathered data and insights into threat actor patterns that provide Coveware and Veeam with an unrivalled view of the current threat landscape. These valuable findings are shared with customers to help educate and reduce risks, improve safety posture and ensure a quick recovery. Select Coveware by Veeam capabilities will be incorporated into Veeam offerings, including Veeam Data Platform and Veeam Cyber Secure, providing insights and capabilities to a broader set of customers.

“It’s no longer about when they attack your organization, but how often. Seventy-six percent of organizations have been targeted in the last twelve months, and addressing that cyber threat is critical for all businesses,” said Anand Eswaran, CEO of Veeam. “It is crucial to ensure that data is safe and secure, and when the worst happens, businesses can recover quickly and securely. Coveware is already supporting companies around the world to improve their defense and, if the worst happens, helps them recover. Combining those capabilities with Veeam’s Number 1 ransomware recovery and data protection solutions, which use more than 450,000 customers, creates the most comprehensive set of cyber resilience capabilities available from a single source. Veeam now offers enterprise customers proactive threat intelligence that helps identify any security breach with forensic classification and decryption, all combined with the capabilities of the market leader”.

Coveware by Veeam

Coveware by Veeam will continue to be available to customers as a full-featured offering, including:

  • Fully automated technology running across the client’s operating environment to perform a forensic classification analysis that assesses any impact, identifies ransomware (strain, threat stakeholder group, entry point) and helps recover encrypted data from known ransomware groups, although nothing is as reliable as clean and secure backups. The Software as a Service (SaaS) platform helps visualize data and answer critical questions about any attack.
  • A global team of cyber threat experts from around the world, who have worked with many of the largest companies globally to assess, prevent and recover from cyber attacks.
  • Access continuously updated data on ransomware variants, attack vector analysis, attack footprints and recovery options that allow better prevention and faster recovery.

“Recovering from cyber incidents is extremely difficult,” said Bill Siegel, CEO and co-founder of Coveware by Veeam. “Our goal is to minimize the cost of disruption by providing best-in-class incident response tools and services. Threat intelligence gathered from our incident response work also benefits our proactive large business customers (41% of whom are in Fortune 500) by reducing risk and increasing their resilience”. The CTO and co-founder of Coveware by Veeam, Alex Holdtman, further emphasized that “working as part of Veeam brings the distribution of these capabilities to many more customers around the world, which is an incredibly exciting opportunity for our entire team”.

Veeam will also incorporate elements of Coveware technology into Veeam Data Platform and through the Veeam Cyber Secure program, which gives customers cyber protection and support including prior, during and after cyber incidents, and a $5 million guarantee.

“Many data-backed organizations still decide to pay the ransom,” said Phil Goodwin, vice president of research at IDC. “Our research shows that this is usually because the backup did not include the system images needed for recovery. In cases where the ransom was paid because “the data backups were incomplete,” 58% of respondents said that backup system failures contributed to the problem. Veeam’s acquisition of Coveware can help organizations address these gaps. Coveware gives Veeam a more proactive stance towards cyber protection. Combining Veeam’s backup capabilities with Coveware encryption override technology should generate faster detection and recovery time, minimizing the impact of an attack. A recent IDC survey found that 70% of organizations reported that it takes days or weeks to recover from ransomware, while the recommended recovery time, according to best practices, is less than 24 hours. Adding Coveware technology to the Veeam Data Platform and Veeam Cyber Secure program provides Veeam customers with exciting new technology and a variety of options for rapid malware detection and recovery.”

VeeamON 2024 

Registration is now open for the tenth annual VeeamON event, which will be held June 3-5, 2024 at the Diplomat Resort in Fort Lauderdale, Florida, and online. VeeamON 2024 Diamond sponsors include ExaGrid, Hewlett Packard Enterprise, Lenovo and Microsoft; sponsors Platinum, Backblaze, Hitachi, Pure Storage, Scality and Wasabi, and many more. Register now to VeeamON 2024 on-site or attend virtually for free.