What Happened: The privately-held RiskIQ makes software for detecting online security threats that can be used by corporate networks and devices to safeguard their data from cyber-attacks.

The development comes close on the heels of Microsoft buying ReFirm Labs, a maker of Internet of Things firmware security. The tech giant has been making attempts to offer more products and services to protect customer data amid increasing cyber-attacks globally.

See Also: Microsoft Joins Apple In The $2T Valuation Club

The Satya Nadella-led company has been adding security features to products such as  Windows and Azure cloud services to protect individual machines and detect attacks on networks. Microsoft also has a dedicated unit called the Microsoft Threat Intelligence Center that closely tracks nation-state hackers.

The recent cyberattacks on The Colonial Pipeline Co and Brazilian meat-packing company JBS Sa (OTC:JBSAY), forced the companies to halt operations. 

Bank of America Corp (NYSE:BAC) last month beefed up its cybersecurity spending to over $1 billion annually from $300 million to $400 million after eleven and a half years following multiple cyber-attacks. 

Price Action: Microsoft shares closed 0.19% lower at $277.94 on Friday.

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Photo by efes on Wikimedia