Progress Partners with Veeam Software to Deliver AI-Powered Network Detection and Response to Global Enterprises

Rhea-AI Summary

Progress partners with Veeam Software to enhance cyber defense solutions for customers by combining network detection and response capabilities with data protection technologies.

Insights

Cybersecurity Analyst

The strategic partnership between Progress and Veeam represents a significant development in the realm of cybersecurity. With the integration of Progress Flowmon's NDR capabilities and Veeam Data Platform, there is a notable enhancement in the ability to secure critical data against the backdrop of increasing cyber-attacks. As cyber threats become more sophisticated, the demand for advanced solutions that offer both detection and rapid response is escalating. This collaboration signifies a proactive approach to cyber defense, potentially altering the competitive landscape.

From a cybersecurity perspective, the implementation of AI in Flowmon ADS 12.2 is particularly noteworthy. AI-driven behavior analysis algorithms are critical in modern cybersecurity strategies, as they enable quicker identification of anomalies and threats, which is essential for protecting against high-level attacks and breaches. This could lead to a reduction in the time required to detect and mitigate threats, which is a key factor in minimizing potential damage and costs associated with cyber incidents.

Financial Analyst

From a financial standpoint, the partnership could have a positive impact on both Progress and Veeam's market positions. The collaboration enables both companies to leverage each other's strengths and market reach, potentially increasing their share in the cybersecurity market. The integration into the Veeam Incident API could be seen as a move to enhance the value proposition offered to enterprise customers. This may lead to increased customer acquisition, retention and potentially, revenue growth.

Furthermore, Progress's Flowmon ADS winning a Globee® Cybersecurity Award and being named a Technology Leader indicates strong market recognition, which can be attractive to investors and customers alike. This could contribute to enhanced investor confidence and a positive impact on the stock market performance of the companies involved, especially if the partnership leads to tangible results in terms of market share growth and financial performance.

Market Research Analyst

Examining the market dynamics, the partnership taps into a growing need for integrated cybersecurity solutions. With 76% of organizations reporting cyber-attacks in the past year, the market for solutions that combine both detection and response is expanding. By combining their technologies, Progress and Veeam are not only addressing current demands but are also positioning themselves as innovators in the field.

The focus on AI and the automation of cyber protection capabilities aligns with industry trends favoring smart, efficient and proactive security measures. As businesses increasingly prioritize cybersecurity, the partnership's offerings could see a higher adoption rate, influencing the broader cybersecurity solutions market and potentially setting a benchmark for similar strategic collaborations.

New partnership combines the advanced network detection and response (NDR) capabilities of Progress Flowmon with Veeam Data Platform to help secure customers’ critical data

BURLINGTON, Mass., March 26, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced a strategic partnership with Veeam® Software, the #1 leader by market share in Data Protection and Ransomware Recovery, to provide customers with an enterprise-ready cyber defense solution that strengthens the security of their business-critical data.

Cybersecurity attacks are occurring at an ever-increasing pace, crippling organizations and costing millions of dollars in ransom payoffs, lost productivity, reputational damage and diminished consumer confidence. According to the 2024 Veeam Data Protection Trends Report, 76% of organizations were attacked at least once in the past 12 months and 26% of those reported being attacked at least four times. To reduce the time to detect and respond to these threats, deploying a solution that quickly and intelligently aggregates multiple network inputs and automates remediation is vital.

The partnership between Progress and Veeam combines the intelligent network detection and response capabilities of Progress® Flowmon® Anomaly Detection System (ADS) with the security features of Veeam Data Platform. Flowmon ADS provides network layer visibility of potential attacks, so customers can leverage early detection and warnings to trigger the Incident API in Veeam Backup & Replication™. Flowmon ADS is officially verified within the Veeam Ready Security program.

“Veeam’s world-class capabilities and market reach makes them a highly strategic partner for us,” said Sundar Subramanian, EVP & GM of Infrastructure Management at Progress. “We share the desire to provide customers with in-depth cyber protection and support, and the combination of our respective threat detection and data protection technologies provides a powerful offering to help enterprise organizations strengthen their security posture.”

Powered by an intelligent detection engine, Flowmon ADS applies automated behavior analysis algorithms to detect anomalies concealed within network traffic to quickly expose malicious behaviors, attacks against mission-critical applications, data breaches and other indicators of compromise. The new Flowmon ADS 12.2 harnesses the power of artificial intelligence (AI) to provide a more advanced and holistic view of detected security events, empowering cybersecurity professionals to identify crucial ones, prioritize them with context, guide efficient decision-making and respond proactively.

"Progress, renowned for its market success in network detection and response with Flowmon, has achieved a significant milestone by partnering with Veeam and integrating into the Veeam Incident API,” said Andreas Neufert, Vice President of Product Management, Alliances at Veeam. “This integration brings automated cyber protection capabilities to our shared customers, enabling them to respond instantly to cyber threats and ensure the safeguarding of their most actual business-critical data from further harm. Progress’ commitment to delivering innovations in NDR makes it a natural Alliance choice as we expand our cybersecurity portfolio ecosystem and help our customers address their toughest technology challenges.”

Flowmon ADS won gold in the Network Detection and Response (NDR) category of the 2023 Globee® Cybersecurity Awards and was named a Technology Leader by Quadrant Knowledge Solutions in the 2023 SPARK Matrix™: Network Detection and Response (NDR) report.

For more information, visit www.flowmon.com.

About Progress 
Progress (Nasdaq: PRGS) provides software that enables organizations to develop and deploy their mission-critical applications and experiences, as well as effectively manage their data platforms, cloud and IT infrastructure. As an experienced, trusted provider, we make the lives of technology professionals easier. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Progress and Flowmon are trademarks or registered trademarks of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners.

Press Contacts:
Kim Baker
Progress
+ 1-800-213-3407
pr@progress.com

FAQ

What partnership did Progress announce in the press release?

Progress announced a strategic partnership with Veeam Software to provide customers with an enterprise-ready cyber defense solution.

What are the key benefits of the partnership between Progress and Veeam?

The partnership combines the network detection and response capabilities of Progress Flowmon with the security features of Veeam Data Platform to strengthen the security of business-critical data.

What is the significance of Flowmon ADS in the partnership?

Flowmon ADS provides network layer visibility of potential attacks, enabling early detection and warnings to trigger the Incident API in Veeam Backup & Replication.

How does Flowmon ADS utilize artificial intelligence (AI) in security event detection?

Flowmon ADS harnesses the power of AI to provide an advanced and holistic view of detected security events, empowering cybersecurity professionals to identify crucial threats and respond proactively.

What awards has Flowmon ADS received?

Flowmon ADS won gold in the Network Detection and Response (NDR) category of the 2023 Globee Cybersecurity Awards and was named a Technology Leader by Quadrant Knowledge Solutions.