Microsoft's own security chief has warned millions of people who continue to use Internet Explorer as a default web browser are placing themselves in "peril".

The company, which first developed Internet Explorer in 1995, is no longer supporting new development for the web browser. Continued use of the software was potentially risky, according to Chris Jackson, Microsoft’s worldwide lead for cyber security.

Internet Explorer has increasingly fallen out of favour for both users and developers amid the rise of alternatives like Google Chrome and Apple’s Safari, which have grabbed an increasing share of the web browser market.

Google Chrome overtook Internet Explorer as the world's most popular web browser in 2016.

Microsoft has been looking at new business ventures in its bid to reinvent itself and compete with Silicon Valley's incumbents. In November, Microsoft briefly overtook Apple as the world's most valuable publicly-listed company as investors have gained confidence in its push into cloud computing.

“We’re not supporting new web standards for it and, while many sites work fine, developers by and large just aren’t testing for Internet Explorer these days,” Mr Jackson said.

Microsoft has in recent years encouraged users to adopt its more modern web browser, the Microsoft Edge, which was released in 2015.