A massive cyber attack has crippled HSBC banks’ online services worldwide. The bank stated that its server under a “large scale denial of service attack” on Thursday, according to a TOI report. “This denial of service attack did not affect any customer data, but did prevent customers using HSBC online services, including Internet banking,” the bank said in the report. However, HSBC has assured its customers that their data accounts were not exploited and the money remains safe.

“We are taking appropriate action, working hard to restore service,” the bank added in the report. It said some of the sites are back up and running. According to the report, HSBC is working with authorities to investigate the incident but it gave no indication of who it believed might be behind the attack.

A few days back we reported that financial loss due to cyber crime has risen by 40 per cent. HP unveiled a new research indicating that the cost and frequency of cybercrime have both continued to rise for the third straight year. According to the third annual study of US companies, the occurrence of cyber attacks has more than doubled over a three-year period, while the financial impact has increased by nearly 40 per cent.

Conducted by the Ponemon Institute and sponsored by HP, the 2012 Cost of Cyber Crime Study found that the average annualised cost of cyber crime incurred by a benchmark sample of US organisations was $8.9 million. This represents a 6 per cent increase over the average cost reported in 2011, and a 38 per cent increase over 2010. The 2012 study also revealed a 42 per cent increase in the number of cyber attacks, with organisations experiencing an average of 102 successful attacks per week, compared to 72 attacks per week in 2011 and 50 attacks per week in 2010.