Amid a rise in high-profile online attacks, Microsoft has announced its intention of acquiring a cybersecurity firm known as RiskIQ.
In the announcement made on Monday, the software giant claimed that the cybersecurity firm purchase will go a long way in helping companies protect themselves as ransomware and other cyber attacks become increasingly disruptive.
Microsoft further claimed the acquisition is in a bid to help its customers address the unique risks created by remote work and relying on cloud computing amid “the increasing sophistication and frequency of cyber attacks.”
RiskIQ, a cyber-security firm founded in 2009, had the primary mandate to help companies track their vulnerability to digital threats. This has become more sensitive and complicated as companies shift a growing share of their work online, both to reach customers and to connect employees remotely.
Eric Doerr, a Microsoft security Executive had on Monday, while talking about the acquisition said for companies that use cloud computing, “it’s increasingly critical to understand the full scope of their assets to reduce their attack surface,”
He opined further when he said:
“The addition of RiskIQ will expand on Microsoft’s existing security products for commercial customers, which include security for Microsoft’s Azure cloud-computing service and its 365 Defender software.”
Despite details of the deal not being made public by Microsoft, but speculative reports by Bloomberg, it is reported that Microsoft paid more than $500 million in cash to buy RiskIQ.
Internet vulnerabilities this year alone had been a source of concern as examples proliferate of cyber attacks with wide-ranging effects.
In May, the 5,500-mile Colonial Pipeline, crucial to the East Coast’s energy infrastructure, was shut down temporarily due to cyber attack, leading to gasoline shortages in some places.
Hospitals and municipal services in the US are not left out in this, as from all indications, the havoc this can cause to public safety cannot be over emphasized.
Federal Bureau of Investigation Director Christopher Wray, Inan interview with The Wall Street Journal had advised that prevention of cyber attacks that uses ramsomware demands more public- and private-sector attention.”
RiskIQ’s software allows organizations to monitor their entire networks — including operations running on various cloud providers — and its threat intelligence research helps businesses understand and mitigate potential risks.
RiskIQ Founder and CEO, Elias Manousos in a blog post was ecstatic about the new collaboration when he wrote:
“We couldn’t be more excited to join forces to enable the global community to defend against the rising tide of cyberattacks.”