Rushdeen Davis, Lynn Futcher, Noluxolo Gcaza
Abstract
The banking industry is becoming increasingly susceptible to social engineering attacks, posing significant threats to the banking institutions and their clients. This study explores theories related to the susceptibility of the banking industry to social engineering attacks. Additionally, this study aims to gain a deeper understanding of the theories and factors that contribute to banking clients’ susceptibility to social engineering attacks through a systematic literature review and thematic content analysis. This paper reveals that social engineering in the banking industry is influenced by various behavioural theories, such as Protection Motivation Theory, the Theory of Planned Behaviour and the Theory of Reasoned Action. Additionally, it highlights various factors including perceptual factors, organisational factors, and socio-psychological factors stemming from the aforementioned theories. To increase the resilience of the banking industry against social engineering attacks, an understanding of the relationship of these theories and factors can be used to develop preventive measures, training and awareness programs, and security policies.