Tech giant Microsoft announced on Monday it would buy RiskIQ, a cybersecurity firm, amid the growing number of ransomware attacks in an attempt to better protect companies and residents from cybercrimes.

The acquisition of the firm will support Microsoft (MSFT) and its customers in fighting back against the increasing threat of cybercrimes. The primary victims of these incidents are people who perform remote work and rely on cloud computing. Officials noted that cyberattacks in recent years have become more sophisticated and more frequent.

Protecting Against Cybercrimes

Cybersecurity RiskIQ's software gives companies the power to monitor their entire networks, including operations on various cloud providers. It also allows them to get their hands on threat intelligence research that provides information regarding the threat to help reduce the risks.

In a blog post on Monday, Elias Manousos, founder and CEO of RiskIQ, said they were happily joining forces with Microsoft to provide protection worldwide against cyberattacks, which have surged in recent times.

Microsoft's announcement comes amid a rapid surge of cyberattacks and recent large-scale ransomware attacks on major businesses in the United States. The victims include major pipeline Colonial Pipeline and meat producer JBS that have crippled operations throughout the country and some globally, CNN reported.

The tech giant itself faced its own cybersecurity struggle earlier this year when Hafnium, a Chinese-linked group, breached Microsoft's Exchange email service in March. The incident may have given the criminal group access to data from tens of thousands of organizations, including state and local governments, academic institutions, and infectious disease researchers and businesses.

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While the terms of the acquisition of RiskIQ were not released to the public, one of Microsoft's officials said the tech giant was ready to purchase the cybersecurity firm for at least $500 million in cash.

RiskIQ has many high-profile clients that can vouch for its effectiveness, including Facebook Inc., BMW AG, American Express Co. and the U.S. Postal Service. It also has an annual report called "Evil Internet Minute" which details the company's security. RiskIQ has raised $83 million from organizations such as Summit Partners and Battery Ventures.

Surge of Ransomware Attacks

In an attempt to protect its clients and customers, Microsoft has continued to bolster its security with features, including strengthening its Windows operating system and Azure cloud services. The efforts aim to protect individual machines and detect ransomware attacks on networks. There will also be employees who monitor the company's own products for vulnerable areas, assist clients to get back up after a cyberattack, and track nation-state hackers, Bloomberg reported.

Recently, United States President Joe Biden threatened Russian President Vladimir Putin for the latter's continued ignorance of ransomware attacks that originated from its country. The Democrat has accused Putin of being responsible for cybercrimes that have targeted thousands of companies worldwide.

However, Biden has still not issued any sanctions or orders in retaliation against Russian's alleged criminal activity. When asked, the Democrat said one possible way of countering the attackers is by shutting down Russia's server which was used as an entryway into the cyberworld, the New York Post reported.

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