Veeam acquires Coveware to boost its ransomware protection

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Veeam, a leading provider of backup solutions, has announced its acquisition of Coveware, a cyber incident response firm, in a move aimed at enhancing its ransomware protection technology. The terms of the acquisition remain undisclosed.

Coveware specializes in forensic investigation, extortion negotiation, remediation, and cryptocurrency settlements for companies affected by file-encrypting malware, commonly known as ransomware. Additionally, the company offers decryption services and provides free keys for certain less prominent malware variants.

Anand Eswaran, CEO of Veeam, emphasizes the importance of addressing ransomware threats, citing that 76% of organizations have experienced such attacks in the past year. With this acquisition, Veeam aims to integrate Coveware’s threat intelligence into its proactive data protection solutions.

A survey by IDC reveals that 36% of organizations struggle to recover their data due to backup failures, exacerbating ransomware incidents. Veeam aims to differentiate itself by offering a proactive approach to cyber protection, bolstered by Coveware’s expertise.

Through its Cyber Secure Program, Veeam plans to assist enterprises in ransomware protection, backed by a $5 million warranty. This proactive stance aims to mitigate the impact of ransomware attacks by ensuring data continuity and safeguarding against file-encrypting malware.

Enterprises seeking defense against ransomware attacks can rely on Veeam’s comprehensive solutions, which combine data continuity with advanced malware protection.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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