A security flaw has been identified in the design of Intel, ARM and AMD's processors which may affect millions of computers across the world. The flaw is believed to involve chips in computers over the last decade.

The threat affects not only computers, but also smartphones and other devices which utilize the chipsets of the mentioned manufacturers. Details of the issue are being kept under wraps amid fears it could be exploited by hackers.

The Google's Project Zero engineers have categorized the flaw into two forms of attack, named Meltdown and Spectre. The first issue allows attackers to read not only kernel memory but also the entire physical memory of the target machines, and therefore all secrets of other programs and the operating system. The second problem breaks the isolation between different applications, allowing the attacker-controlled program to trick error-free programs into leaking their secrets by forcing them into accessing arbitrary portions of its memory, which can then be read through a side channel.

So far, it has not been established whether cybercriminals have created malicious software that could exploits the security vulnerabilities. However, if exploited, the problem would allow hackers into some of the most sensitive parts of important computers, giving access to people's most personal information.

Intel said it was working with its rivals AMD and ARM "to develop an industry-wide approach to resolve this issue promptly and constructively." As far as the Linux, Microsoft Windows and Apple MacOS-powered computers are yet to receive the security patch, but the wait won't be long.