Microsoft announced last month the acquisition of ReFirm Labs, which provides tools to help secure Internet of Things and connected devices. The acquisition bolstered the company's Azure Defender for IoT platform to help customers fend off sophisticated attacks.

Now, the software giant appears to be expanding its portfolio of security services with another acquisition. Microsoft is reportedly snapping up RiskIQ, a cybersecurity firm that provides protection against various forms of online threats through its software-as-a-service platform. A report from Bloomberg claims the company is paying more than $500 million in cash for the acquisition.

As per RiskIQ's website, its security service is powered by a global internet intelligence graph that "has mapped the billions of relationships between the internet components belonging to every organization, business, and threat actor on Earth." RiskIQ counts some of the biggest companies in the world such as Facebook, BMW, and American Express among its customers.

Microsoft also recently beefed up its cybersecurity offering for high-risk entities such as political organizations, journalists, and human rights workers with the expansion of AccountGuard to 31 countries in March. Two months later, it unveiled Counterfit, an automation tool designed to automate the security testing of an organization's AI systems.

Neither Microsoft nor RiskIQ confirmed the latest report. That said, the rumored acquisition is expected to be officially announced in the next few days.

Source: Bloomberg (paywall)