In terms of Xbox Series S and X, are there any security risks people should be aware of? I recently got a Series S. I have been a PC player for the last 12 years or so, so I am a bit out of the loop and I want to be aware in case there are issues.
I think all the issues and threats are on Microsoft's end. Assuming you keep it up to date, you should not have to worry too much. However, if you are going to make use of a VPN on console which some people prefer, ExpressVPN offers a VPN router which is better than using any of those SmartDNS or third party VPN options.
It is estimated that two in three Americans have been hacked while playing video games. I am not sure what the percentage is for console gaming, I would imagine PC is higher for this. Most people feel PlayStation consoles are more secure. Apparently you are more likely to be hacked playing on an Xbox console vs a PS one.
Just be sure to only download well vetted games, never give your information out to any one on live games, use 2FA for everything you do on your Xbox and require the system to be harder for anyone outside of yourself to access. You can do this by ensuring your internet service is secure and private/unlisted.