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During the weekend the Veeam product team has released a patch for Veeam Backup for Office 365 v126.96.36.199 to fix an issue that blocking the Microsoft Teams backup job. The error was: “Failed to process team: xxxxx. Object reference not set to an instance of an object.”.
The issue is related to recent changes in Microsoft Graph API response syntax to a specific request that Veeam Backup for Microsoft Office 365 uses to process Microsoft Teams.
The patch is available here – KB4201: Microsoft Teams backup fails with the “Object reference not set to an instance of an object” error (veeam.com)