What does it take to protect financial institutions when they're the number one global target for DDoS attacks? In this episode of The Business of Cybersecurity, Neil C. Hughes welcomes Richard Meeus, Director of Security Technology and Strategy EMEA at Akamai Technologies, to explore insights from Akamai's latest State of the Internet (SOTI) report focusing on cybersecurity trends in the financial services sector.

Richard shares a decade's worth of threat intelligence backed by trillions of daily DNS requests and billions of cyberattack observations, offering a data-rich perspective on why financial organizations are squarely in the crosshairs. From a 24-hour DDoS attack on Israel peaking at 800 Gbps to the rise of politically motivated hacktivism, Richard outlines why the Middle East and North Africa (MENA) region has become a hotspot for these digital assaults—and what financial firms can do about it.

The conversation also covers the emerging risk of shadow APIs—forgotten, unmanaged, or defunct APIs that can unintentionally expose sensitive personal or financial data. Richard explains how many businesses still underestimate their API footprint and shares practical steps for regaining visibility and control.

Zero Trust is another central theme. Instead of positioning it as an overwhelming overhaul, Richard suggests organizations reframe it as a modern VPN replacement, focusing first on core business systems and micro-segmentation to restrict lateral movement. With a strategic approach, implementing Zero Trust becomes feasible and a key step in limiting breach impact.

Richard also offers a candid look at balancing proactive and reactive DDoS defense, emphasizing the importance of both automatic mitigation and human-led response to more sophisticated, multi-vector attacks. He highlights how Akamai supports both fronts, including working with global authorities to help take down threat actors like Anonymous Sudan.

Finally, the conversation turns to the future. With EU regulations like the Digital Operational Resilience Act (DORA) on the horizon, financial institutions must invest in real-time visibility, intuitive data access, and actionable threat insights to stay compliant and resilient.

Whether you're in the C-suite, on the frontlines of your SOC, or guiding your enterprise's security roadmap, this episode delivers an honest and data-driven view of what it takes to defend the financial sector in a time of growing complexity and geopolitical tension.