Hacking Human Beings? Addressing the Latent Danger of Social Engineering in the Indian Banking System

Abstract

Digital communication technology has enabled faster and more convenient human-to-human contact. Personal and sensitive information might be exposed online due to inadequate security measures on social networks and services. Malicious users can easily breach communication networks through social engineering assaults due to their vulnerability. These assaults target individuals or organizations by fooling them into revealing personal information, including PINs, account numbers, and passwords. The widespread use of digital payment methods has led to an increase in transactions and information sharing via electronic media. This has led to hackers who use illegal tactics to gain cash. In the age of globalization, social engineering is a common form of deception that is intricately linked to numerous instances of unfair behavior. Social engineering is dangerous to network security because it exploits people's trust. Curtailing this danger presents a serious security. This study investigates social engineering as a significant cybersecurity issue, exploiting human contact to defeat security mechanisms and obtain access to computer systems or networks. It should be seen as research that detects social engineering hazards and aims to encompass all the facets of a given crime, besides giving an introduction to prevailing cyber threats and emerging dangers of social engineering in the purview of Indian banking. The paper also delves into the most prevalent forms of social engineering cyberattacks that often target humans, who are seen as the weakest links in the organization. The study gives striking details of the global regulatory environment of cybersecurity and concludes with ways to mitigate the risk of social engineering upon unsuspecting institutions.