QUANTITATIVE EVALUATION OF SOCIAL ENGINEERING ATTACKS AND THEIR IMPACT ON THE FINANCIAL SERVICES SECTOR

This study evaluates the impact of social engineering (SE) attack techniques on the financial sector, focusing on financial losses, reputational harm, regulatory consequences, operational disruptions, and privacy violations. Using a mixed-methods approach that combines literature review, survey questionnaires, and interviews with financial institutions and customers, the research introduces a Social Engineering Impact Index (SEII) for quantifying vulnerabilities. Findings reveal that financial institutions face high to extremely high levels of SE attack impact, with personal financial information (PFI) theft and direct monetary loss being the most significant contributors. The study emphasizes the need for enhanced employee training, customer awareness, advanced fraud detection, and strong incident response strategies. The proposed SEII framework provides a practical tool for measuring SE attack risks and guiding policy interventions.