Study of Drastic Effects of Different Social Engineering Campaigns on Saudi Financial Sectors

Abstract

This study examines the impacts of social engineering campaigns on the Saudi financial sector, focusing on operational disruption, financial losses, awareness effectiveness, and employee behaviour. A mixed-method approach was adopted, combining a systematic literature review (SLR) using the PRISMA framework with a quantitative survey of 90 professionals from Saudi financial institutions. The qualitative analysis, based on six selected peer-reviewed studies, identified key themes including operational vulnerabilities, financial risks, limitations of awareness programs, and behavioural factors influencing susceptibility. The quantitative findings supported these insights, revealing that social engineering attacks frequently disrupt communication systems and IT operations, result in significant financial losses and fraud, and impose additional recovery costs. While awareness programs are widely implemented, their effectiveness is limited due to inconsistent training and low compliance. Furthermore, behavioural weaknesses such as poor decision-making, low reporting tendencies, and non-adherence to security protocols remain critical vulnerabilities. The study concludes that the human factor is the central weakness in cybersecurity within Saudi financial institutions. It recommends continuous training, stronger communication security controls, and behaviour-focused security strategies. This research contributes both empirical and contextual insights to the limited Saudi-specific literature and highlights the need for integrated socio-technical cybersecurity frameworks.