Oracle Linux: "mount error(2): No such file or directory CIFS VFS: cifs_mount failed w/return code"

Applies to:
Oracle Cloud Infrastructure - Version N/A and later
Linux OS - Version Oracle Linux 7 and later
Linux x86-64

Symptoms

Mounting CIFS filesystem fails with following error.

# sudo mount -t cifs -o username=<user>,password=<passwd>,vers=1.0  <mountpoint>
mount error(2): No such file or directory
Refer to the mount.cifs(8) manual page (e.g. man mount.cifs) and kernel log messages (dmesg)

Cause
The dmesg log shows:

# dmesg|tail

[ 9297.272083] CIFS VFS: cifs_mount failed w/return code = -2

[ 9297.275515] CIFS: Attempting to mount <mountpoint>

[ 9297.277128] No dialect specified on mount. Default has changed to a more secure dialect, SMB2.1 or later (e.g. SMB3), from CIFS (SMB1). To use the less secure SMB1 dialect to access old servers which do not support SMB3 (or SMB2.1) specify vers=1.0 on mount.