Effectiveness of social engineering awareness training in mitigating spear phishing risks in financial institutions from a cybersecurity perspective

Abstract

Spear phishing remains a critical cybersecurity threat to financial institutions, where attackers exploit human vulnerabilities to breach sensitive systems. This review paper explores the effectiveness of social engineering awareness training programs in reducing spear phishing risks within the financial sector from a cybersecurity perspective. By analyzing existing research, the paper assesses various training approaches, focusing on elements such as content relevance, delivery methods, and employee engagement. The review highlights how targeted awareness programs can enhance employees' ability to recognize and respond to phishing attempts, thereby strengthening overall cybersecurity defenses. The findings emphasize the importance of continuous, specialized training in fostering a proactive security culture and offer recommendations for optimizing awareness strategies to bolster cybersecurity resilience in financial institutions.