The bug, which can enable a hacker to take control of a PC, affects Internet Explorer version six to 11 - which amounts for 55 per cent of PCs worldwide.
However, experts said computers running Windows XP will not receive an update as Microsoft stopped supporting the 13-year-old programme this month.
The old operating system is used by between 15 and 25 per cent of the world's PCs, according to research firm NetMarketShare.
Microsoft should move fast. This will snowball
Spokesman Vitor De Souza said one way PC users could protect themselves is by switching to a rival internet browser.
He added: "It's a campaign of targeted attacks seemingly against US-based firms, currently tied to defense and financial sectors."
FireEye, whose Mandiant division helps companies tackle cyber attacks, would not give names of specific victims or identify the hackers responsible.
Microsoft said in an advisory note that the bug could allow a hacker to take complete control of an affected system.
He said programmes could then be changed, data could be delete and malicious programmes could be installed.
Aviv Raff, chief technology officer of cybersecurity firm Seculert, said other hackers are trying to learn more so they can exploit the bug further.
He said: "Microsoft should move fast. This will snowball."
He added that Microsoft will not release a fix for Windows XP user as the firm have stopped supporting the operating system.
Microsoft said in a statement that Windows XP customers should upgrade to one of two most recently versions of its operating system - Windows 7 or 8.
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