HSBC Details

HSBC

London, United Kingdom • employees • Financial Services

Industry

Financial Services

Security Incidents

HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint.

Security Incidents

HSBC Breach of May 2023

Severity Score

Significant

Type

Unknown

Summary

In May 2023, HSBC faced a significant security incident as the Securities and Exchange Commission charged HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. for widespread and longstanding failures to maintain and preserve electronic communications. The incident involved a series of attacks by the hacktivist group Izz ad-Din al-Qassam Cyber Fighters, with HSBC being the latest victim. Customers of HSBC were conned out of a combined $1.25 million, with individuals losing between $50,000 and $100,000 since April 2023. The bank apologized after thousands of UK customers reported being unabl...
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Severity

The severity of the HSBC cyber security incident in May 2023 was significant as it caused the personal banking website and mobile application to shut down, impacting thousands of customers. This incident occurred shortly after a previous systems failure, indicating potential vulnerabilities in HSBC's cybersecurity defenses.

Impact

The breach had a notable impact on HSBC customers as they were unable to access the personal banking website and mobile application, causing inconvenience and potentially raising concerns about the security of their financial information. The repeated disruptions to services may have also eroded customer trust in HSBC's ability to protect their data.