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Veeam® Software, the number one market share leader in data protection and ransomware recovery, today announced the acquisition of Coveware, a leading provider of cyber extortion incident response. The system offers best-in-class ransomware recovery and emergency response capabilities to further strengthen Veeam's radical resiliency solutions.
Coveware by Veeam will continue to operate as it does today, providing incident response services to victims of cyber extortion attacks and proactively working with customers to prepare for incident response. Since its founding in 2018, Coveware has helped thousands of cyber extortion victims and has developed industry-leading software and services that enable rapid forensic triage, extortion negotiation and remediation, cryptocurrency settlement and decryption services with a sole objective and result: data recovery from ransomware attacks. Through these incidents, Coveware has gathered data and insights into attack patterns that provide Coveware and Veeam with unparalleled insight into the current information threat landscape. These valuable findings are shared with customers to help educate and reduce risks, improve security and ensure rapid recovery.
“It's no longer a question of when your company will be attacked, but how often it will happen. With 76% of businesses being attacked in the last twelve months, addressing these cyber threats is critical for every business,” said Anand Eswaran, CEO of Veeam.
“It is therefore essential to ensure that data is safe and secure and that, when the worst happens, businesses are able to recover quickly and safely. Coveware is already helping companies around the world improve their defense and, should the worst happen, help them recover. Combining these capabilities with Veeam's #1 data protection and ransomware recovery solutions, used by 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 security gaps with forensic triage and decryption, all combined with market-leading capabilities.”
Coveware by Veeam will continue to be available to customers as a complete offering including:
Veeam will also incorporate elements of Coveware technology into and across the Veeam Data Platform Veeam Cyber Secure Program. The program provides customers with cyber protection and support, including pre-, during-, and post-cyber incident support services and a $5 million guarantee.
“Many organizations with data backups still decide to pay the ransom,” said Phil Goodwin, Research Vice President at IDC. Our research shows that this is often because the backup did not include the system images needed for recovery.” In cases where the ransom was paid because “data backups were incomplete,” 58 percent of respondents said backup system failures contributed to the problem.
A recent IDC survey found that 70% of organizations reported taking days or weeks to recover from ransomware. The addition of Coveware technology to Veeam Data Platform and the Veeam Cyber Secure Program offers Veeam customers exciting new technology and a set of options for rapid detection and recovery of cyber threats.”
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