The buzz around Microsoft is that the tech giant has agreed to buy RiskIQ, a security software company, as the tech giant strives to increase its products and better safeguard consumers against a rising flood of global cyberattacks.

The agreement is expected to be disclosed over the next few days. The company will be purchased for more than $500 million in cash by Microsoft.

Established in 2009, RiskIQ, which is known for its annual security report called the 'Evil Internet Minute', has raised $83 million from investors such as Summit Partners and Battery Ventures.

To safeguard individual PCs and identify network assaults, Microsoft has been adding security capabilities to products like Windows and its Azure cloud services. Microsoft has also hired people to look for flaws in its own products, assist clients in recovering from cyberattacks, and established a lab dubbed the Microsoft Threat Intelligence Center that keeps tabs on nation-state hackers.

To improve its security capabilities, the software company has purchased other companies. Microsoft paid an undisclosed sum for ReFirm Labs, a provider of technologies to safeguard Internet of Things devices, last month.

Microsoft has 3,500 security employees working on a mission to secure consumers ‘from the chip to the cloud’, according to a blog post announcing the purchase.

Based in San Francisco, RiskIQ develops cloud-based software for detecting security threats, assisting businesses in determining where and how they can be attacked across complicated networks and devices. Facebook, BMW AG, American Express Co., and the US Postal Service are among its clients.

Microsoft's financial reports for the third quarter of 2021 indicate sales of $41.7 billion and a net income of $15.5 billion. Revenue has climbed by 19 percent, while net income has increased by 44 percent. Microsoft's Xbox and cloud-related services have enjoyed excellent growth once again.

Microsoft's Xbox Series X and Series S consoles have seen a 232 percent increase in hardware revenue in the second quarter, thanks to these next-gen consoles.

Third-party titles, Xbox Game Pass subscriptions, and first-party games all contributed to an increase of $739 million (34 percent) in Xbox content and services income compared to the same quarter last year. During the year 2020, gaming became a popular pastime for many people, and this trend has continued into 2021. Thanks to Xbox content, services, and hardware, Microsoft's entire gaming income is up $1.2 billion (50 percent) after exceeding $5 billion for the first time ever last quarter.