Gavin Baker on AI platform shift, upside vs downside, extinction risk, Nvidia outlook & more | E1764

28:56The moment I realized that this is in no way hyped at all is when I saw the Writers Guild, the last item on the second page was, we want to ban ChatGPT from the writer's room and you can't train any models on a previous ip and the response that the wga got from the studios was um our counter to you writers who want to ban you know ai is we'll meet with you every year to discuss technology new technologies like literally it was fuck you of course because they see it clearly put all of marvel and star wars in your prediction into a language model and great stuff's going to come out. Amazing. And it'll be exactly what I want because every time if I stop watching a movie, my own personalized AI will learn, oh, Gavin didn't like that.

29:48I'm going to make something different next time. But what you said, it's very important. So everything is tech is cyclical and, you know, kind of, and it's all built in these sedimentary layers, but we go back and forth between the centralization of compute to the edge. You know, compute was centralized in the 70s and 80s, that it was distributed to the edge with the client server, that it was re-centralized with cloud computing. And I think we're going to see a move back to the edge, particularly with these small models that you referenced. But another thing that is coming back into vogue, cloud computing, companies like AWS, they made it, they abstracted all the hardware away.

30:27If you were a programmer, software programmer in the 70s, 80s, even the 90s, you spent a lot of time thinking about, oh, I don't want to use a lot of memory. I don't want to use a lot of hard disk space because I take up too much space. I might not get on the computer. And cloud computing made that meaningless. You can use as much compute as you wanted. And as you referenced, we solve this AI problem with just vast amounts of compute. but what is going to come back into vogue so a gpu is like we'll call it a third the size of your iphone costs fifty thousand dollars as brad said you got to wait three years to use it to get one if you want to use it yet in the papers from open ai and google where they trained their palm and gpt3 models this is back when you know open ai was was maybe a little more open um and they released data, the GPUs they used to trade them were only utilized 30 % of the time.

31:28Because human programmers and even the data architects who set this up, they're not used to having to optimize for a resource. And because H100s are so important, they're now scarce. When there's a scarce resource, it gets optimized. And you're just starting to see that. And it's... The optimization could lead to gains that were unpredicted. Absolutely. And the optimization will be done by the AI itself. It's going to look at that 30 % and AI will answer that question for the developers. It'll be like, hey, here's a solution to use the other 70. AI is already being used to design chips. What happens when something as powerful as GPT-6 is designing a chip, designing the software and data stack that's used to trade itself, and then starts rapidly and recursively trading itself.

32:18This is why people are worried about, you know, there's a famous thought experiment by a guy named Nick Bostrom, where an AI, you know, if you gave it the job of like, hey, we want you to, you know, maximize the number of paperclips in the world, it would find a way to convert everything into paperclips. And I think what COVID taught us is, you know, all modern civilization, it is just a thin veneer. Like, you know, February, March, it was scary. And that was like COVID was not a good virus. It's like if an AI decides like, oh, these human beings are scary. Well, we're just going to make a few tweaks and introduce a much better novel coronavirus that makes sure that RNA vaccines will work on it.

33:07Yeah. That is why serious people, I mean, this stuff sounds crazy, but the closer someone is to this, the more worried they are. And if you ask anyone who's deep in this, what are the odds that this is an extinction event for humanity in the next 10 years? And you survey the top 500, the top 1 ,000, it's consistently between 5 and 10%. That's like playing Russian roulette with the human race with a revolver that has between 10 and 20 chambers. Like, I would not do that. But we're doing it. And it's going to happen. And, you know, I hope that we're in one of the 19 chambers that's empty and it's awesome and I live forever.

33:54Thanks for coming, everybody. This is just the beginning of our program. Tomorrow's going to be equally thrilling and terrifying. It's, you know, at least we're on the journey together. Yeah. Resistance. And we will, yeah, if we have to fight, we fight. but it feels like these conversations are very healthy to be having because we always, as a society, I think, look at whatever unintended consequences. We kind of deal with them in the review mirror. We're like, oh, we knocked some shit over. Okay, yeah, Instagram is probably causing a bunch of teens to kill themselves and it's causing a bunch of body dysmorphia issues and people are getting anorexia.

34:44It was probably changed that. Let's debate it for 10 years and do nothing. Here, this is like the first time in my lifetime and certainly in our lifetimes that we can remember a technology being introduced and everybody going, let's think about how this could go off the rails. Let's prepare for it. Let's have a vibrant debate about it. And the only other time that I think that happened, and it's amazing that Nolan's coming out with this film Oppenheimer, at this time 100 which proves to me this is a simulation because this sim whoever's coded this simulation it's like you know it'd be great to with them yes let's give them the h100 chips now and a100s at the same time let's have the greatest filmmaker of this generation replay the nazi race for the atomic bomb just let's see what happens in that simulation and how they take that yeah it's a simulation prop baby i just i who would be oppenheimer i actually think in terms of actually inventing the technology i actually think you have to give it to jensen i wouldn't give it like jensen at nvidia he he ushered this into being to make video games faster yes well it turns out to to to make 3d graphics you just have to crunch a bunch of relatively simple math really quickly that is what ai is in parallel in parallel then that's what makes it quick and that's what ai is you know it's very funny all these um all these startups you know raised all this money to go try and compete with nvidia the data center they had And, you know, they were not aware of my water of life principle when it comes to competing with NVIDIA in the data center.

36:30And they had, like, on every deck, it was like, how likely is it that chips that were developed for video games are good for AI? And it's like, well, 100 % likely. Fate loves irony. Fate loves irony. It is, you know, in the same way, like, you did not understand what the iPhone would actually do at scale to billions of people or Starlink will do. We just didn't understand that people would take that GPU so you could play Call of Duty and make it as lifelike as possible like a movie. Or that people editing Wikipedia would train this. There's a great William Gibson quote, the street finds its own use for technology.

37:12And here we are. For sure. We're in an exciting time. Steve talked about SpaceX. We are going to become a multi-planetary species. We're going to be able to go to Mars. like that's going to really reduce the extinction risk. You know, we're going to like climate change, like we're all going to be driving EVs, you know, affordable utility scale battery storage, like, you know, fossil fuels are slowly going to phase out. Like we're, we're living at an awesome time. We are literally, we've already solved climate change. We just haven't implemented the solution fully. Yeah. Do you believe that? Yeah.

37:49Yeah. Compounding will just, compounding will just take care of it. You know, photovoltaic cell efficiency compounds at roughly 8 % a year. Battery cell efficiency is compounding at 6%. I suspect Tesla is probably compounding at a faster rate than that. And when you put those two things together, like the world already runs on sunlight. It just, you know, runs on sunlight that is stored in the carbon-based organisms of, you know, ancient creatures. And that we turn it into, you know, natural gas and oil. we're going to just directly run on sunlight it's gonna be awesome yeah and when the sun's not around we just have a little nuclear well that's why you need the storage did you see that's why battery cell did you see Finland had a negative energy had a couple of negative energy days they're like energy well is now cost negative and it's like what do you mean it's like yeah we didn't kind of we built the software and now you're yeah it costs negative because they have so much solar wind and nuclear at the same time they had to burn it off it's crazy yeah love it love it we're gonna solve everything yeah i'm optimistic all right everybody uh give it up for gavin after investing in over 300 early stage startups i've seen it all i've seen thousands of pitches and i can tell you one of the early indicators of success for me is having a great brand and it's hard to get a great brand if you can't get a great domain name why the domain name and the brand.

39:17They're so synonymous. They want to have something simple and easy to remember. And this will raise your credibility with investors and your customers. So check out the latest hot domain. It's called.tech. This is one of the go-to namespaces for anybody working in tech now. It's home to some of the world's most innovative startups like 1x.tech, a really innovative robotics company building humanoid robots. And in the latest YC cohort, there were a ton of people using dot tech. It is sweeping the startup nation. And I just got my own dot tech, Jason dot tech. And I'm building a micro blogging site, go check it out and secure yours now and get a great deal.

39:55Check this out. You can lock down a one year domain for just 10 bucks and a five year deal for 50. You want to lock it down for five years. Of course, you don't want to forget and then have somebody else snipe it. Nope, drop 10 drop 50, get it locked down. And here's your offer, go.tech slash twist. Once again, the word go, G-O dot T-E-C-H slash twist. Go.tech slash T-W-I-S-T to lock in that great deal right now. Next up, Embroker's Chief Insurance Officer, David Derogatis gives a 25-minute talk on how to differentiate your business with cybersecurity. Specifically, you'll learn how to protect your business from cyber threats and why this is more important right now than ever before.

40:41This was recorded on the Founder University podcast, which you could find across all podcast players and on YouTube. Good morning. Good afternoon. Thank you so much for joining me today. My name is David Dare Jodis. I'm the Chief Insurance Officer with Embroker. I'm going to talk a little bit about how cybersecurity can differentiate your business. There's no question around the concerns that everybody has for cyber attacks, ransomware, security incidents. It's in the headlines every single day. So I want to talk about why it's important to not only invest, but how it can also be used as a differentiator for you and your organization, why it's important to your clients, customers, and your vendors as well.

41:20So just a quick little background on myself. Again, my name is David Dare Jotis. I'm the chief insurance officer with Embroker. I oversee all of our insurance programs, products, claims, and actuarial services for the InsureTech. I have 20 years of experience within the specialty professional cyber risk management liability space. Prior to Ambroker, I was the national practice group leader with an international wholesale insurance broker overseeing their specialty underwriting programs within professional cyber risk, DNO, as well as all of their brokerage operations as well. And prior to that, I also have experience with two different international A-rated insurance companies, again, all within the special professional liability and cyber risk space.

42:01I'm also a certified information privacy professional with a concentration in US privacy law, a certified information privacy manager, and I'm a fellow of information privacy with the International Association of Privacy Professionals. So that's a quick overview of my background. Now I want to get into why is this important? Why are we talking about this? Why now? What's the big deal? There are a few things that are going on across not only the United States, but really internationally as well. Of course, we have GDPR, which is important for anybody that collects information or does business in the UK and abroad, overseas.

42:37We also have brand new news of the national cybersecurity strategy that was issued by the White House. And again, this is something that they talk about really every year, every presidency. But what's unique about this is a couple of the finer points that they pointed out within their release. So I want to read specifically from the press release. I want to talk about what that means. They stated, we must rebalance the responsibility to defend cyberspace by shifting the burden for cybersecurity away from individuals, small businesses, and local governments and onto organizations that are the most capable and best positioned to reduce risks for all of us.

43:16And the White House released that specifically last month. So what does that mean? They're looking to change liability and pass off liability from not only just the organization that experiences the data breach. And again, we hear about these in the news quite frequently, but they're looking to specifically hold software companies liable for failing to build security into their products. Now, there's some work that's going to have to go into making this a reality. There's going to have to be legislation that's passed, but they have stated that's their intent. So any organization, and that's a big part of what our client base is made up of, all sorts of technology companies, SaaS companies, technology-related, across all sorts of industry segments.

43:58They're looking to hold those organizations accountable for data breaches and security lapses if they did not invest and spend the time and quality around security and privacy within those products. So just something to keep in mind. Again, we're a ways off before that becomes a reality, but it's just important to understand what's on the minds of leaders and those in Washington. We also have a number of privacy consumer laws across the United States because we don't have a national privacy law that's in place. That's been something that Congress has fought over for many years for a variety of reasons.

44:36But what we have seen as a result of that absence is different states popping up with their own consumer privacy laws. So as it stands today, California, Colorado, Connecticut, Iowa, Virginia, and Utah all have specific consumer privacy laws. And there are about 20 other states as well that have active language where they're looking to pass and get new laws into place. We see this every single year. There are all sorts of laws that will be proposed and regulation that's proposed. A lot of them don't make it through on the other side, but every now and again, we see another pop through and we see another state that goes live.

45:11And that's what we've seen with this year as well. So it's just important to understand if you're collecting information on a consumer or a client that's based in those states, there'll be additional privacy regulations and rules that you'll have to be in compliance with. Some of those things include giving consumers the right to access their information, the right to correct that information, giving them the right to delete that information, and of course having the proper notice and transparency requirements for them to view and make sure that they're okay and comfortable with that type of data being collected, shared, or sold with any other organization.

45:44So it's just important to understand what's going on. From a regulatory standpoint, we are seeing more regulation around privacy risk. We are seeing more regulation around consumer rights. So again, depending on where you're operating your business and what type of clients and customers you're serving, these certainly could apply to you. And of course, ransomware has been in the news a lot. There was a little bit of a lull last year, but it's become extraordinarily active again, all of these different operators and groups in 2023. So I want to spend a little bit of time showing you some ransomware operators from the dark web.

46:17I want to give you a really a view of what it looks like when they compromise an organization and they share that organization's data online for others to access. It's something that I think is important to understand, to know what happens on the back end when a compromise like that does occur and to know how you can prevent it from taking place or be properly prepared in the event that something does happen. So, and then of course, there's all sorts of emerging technologies that we need to keep our eyes on. ChatGPT has been one, artificial intelligence that's been in the news quite a bit. You know, it's important to understand how those services operate and the way that they're utilized.

46:54And I think it's important to understand how it could potentially expose your organization if you have employees that are using it. There's nothing that is, in terms of privacy, there's nothing that's protected from a confidentiality standpoint if employees and individuals are using it. And there's already been a case where one organization, their employees were putting very sensitive source code information into it because they were looking to solve a problem with coding errors that are taking place. Another instance, there was an employee that uploaded group meetings or employee meetings into the interface, and they were looking to have those notes rewritten so that they can share it with everybody.

47:32Sounds harmless. And so you realize you're sharing very sensitive, confidential corporate information into a system that is being monitored in real time by all of the researchers. And there could be a data breach. You never know what can happen. So it's important to know if you're going to allow your employees to utilize and access these types of tools, you want to be careful about what is specifically being shared in terms of trade secrets or very sensitive corporate information so these are some of the things that are going on overall you know across the united states when it comes to a privacy regulatory and cyber security standpoint so let's look at some of the numbers now again i don't think it's a surprise to know that cyber risk is on the mind of all sorts of organizations large and small you know the cost of cyber crime is expected to hit$8 trillion this year.

48:21That's globally. Cyber attack concerns have risen from 36 % to 50 % in 2022. And that's some interesting data. What Embroker did last year in late Q4s, we published a report and we wanted to survey over 400 of our clients, our VC-backed clients, to figure out how cybersecurity was on their mind, how it was impacting their organization, and some of the things that they were worried about. And again, 50 % responded and said that they expect to experience a cyber attack in the year ahead. That was a 14 % increase from last year. 68 % responded and said that they've actually experienced an attack at some point.

49:01So again, we're talking more than half of all those individuals that we surveyed have already experienced some type of attack. There's obviously going to be costs associated with dealing with it, with managing all of that, and it's a real drain on resources. 97 % said that they discussed cyber risk and related issues with their board of directors. So again, knowing that this is something that's reaching the highest plateau, highest peaks within the organization. And again, it's no surprise to hear those things, that cyber risk is on their mind, that they've experienced an attack, and that they're forecasting there to be some type of attack going forward.

49:36And I think if you look at some of the data that's being shared, in particular by the FBI, you look at some of the largest losses that are taking place within organizations, large and small, there's something that's called a business email compromise attack, BEC attacks. Those grew by 13 % in 2022 over the prior year. And we're talking about$2.7 billion in business email compromise. And what that is, you're going to have somebody that will either spoof an email or they will actually compromise somebody's email inbox. And they will send an email that looks like, or it's under the guise of the CEO or the CFO or somebody that's in a position of authority, and they'll be asking to wire transfer some amount of money.

50:20And this has been a serious loss leader for the insurance industry because policyholders, again, of all sizes, all industry sectors have been impacted and hurt by this. So it's something to keep an eye on. And I want to talk about some of the things later on in the presentation that you can do to make a difference there and to curb some of those attacks and those threats. So what can you do to protect your business? Again, part of this is talking about how cybersecurity and investing in this space can not only help you as an organization, but really how it can be a differentiator for you in terms of your brand and how you serve and protect all the data that you collect on your clients.

50:58So I talked about electronic funds transfer, you know, that being a very important and significant part of losses. there are a few things that you need to do to make sure that you're not falling victim to these types of attacks of course setting up multi-factor authentication is a big one within your email and other privileged accounts and other systems other apps that you're using giving that second barrier or providing forcing that second barrier will make it much tougher when somebody just has an email address and a password to be able to access your account so that that's first and foremost but there are some rules that you should put in place internally to be able to catch any type of fraudulent wire transfer request.

51:37Number one, confirm the requester's identity. Before proceeding with any wire transfer request, it's important to verify the identity of the person that's requesting that transfer. You can do this by calling the person, using a known phone number that you have on file for that individual, or using a separate email to respond back to the request. Don't go through the initial request that you've received. I've seen that happen from time to time, and all the person does is respond back to the attacker, and they're saying, yep, go ahead, we're confirming this, go ahead and send it. Then the person sends it and then they're out that money.

52:07Number two, you're going to want to verify the details of the wire transfer. So again, going over the name, the account number, bank routing number, all of those details is going to be very important to look for any discrepancies or any false information that's on there. Number three is going to be use a secondary verification method as well. Maybe having another form of communication an app, some type of chat bot, some type of phone number that you have on file again to re-verify that the verification is accurate. And then look for some red flags. I think that's very important. That's going to come into training and developing your staff.

52:44Look for red flags such as a rush request or an urgent request or something that's unexpected, a change in payment instructions, a request for secrecy if it's coming from, you know, they think it's coming from the CEO or the CFO. Those are some of the things that should be really jumping out to you. And they'd have to be really investigated to make sure that you're not falling victim to these types of attacks. So I think those are very important. That goes in line with, of course, training your employees in knowing what to look for. I think if any organization has this type of plan in place, it's going to allow them to really thwart or prevent 99 % of the attacks that take place.

53:22And again, this is an area of losses that the insurance industry as a whole have really experienced quite significantly over the last several years. And they've really ramped up probably within the last 12 to 18 months, quite considerably. And then I think there are some other things outside of that. Again, I talked about how to verify having the process in place, making sure that you're reviewing access to the information that's being collected, making sure that you have a good understanding of the data that your organization is collecting, storing, sharing with others, and of course, being transparent with your clients and customers about the data that you're collecting.

53:58It's going to allow you to operate in compliance with the various laws, rules, and regulations all across the country, whether they're federal or state-specific. And I think making sure that you have the proper insurance is another big one. That's going to help round out any risk management program. Make sure that you're not only investing in your technology and in your compliance, but But in the event that you need to go a little bit deeper in terms of resources, in terms of forensic firms having access to these types of organizations, a cyber insurance policy is going to do all of that for you.

54:31So it's looking at cyber insurance as more than just the necessary evil in form of other lines of insurance that you have to purchase. But I like to look at cyber insurance almost as an investment because it's going to come with all sorts of risk management tools. It's going to come with access to the appropriate vendors. And of course, what anybody expects from insurance, which is that financial protection, that balance sheet protection in the event that something does happen. So now what I want to do here is I want to show a few screenshots. And this is of the dark web. This is a couple of different ransomware operators.

55:02And I want to give you a feel for what it looks like. Ransomware attacks, again, they took a little bit of a lull last year, but they're certainly back on the rise now in 2023 with no signs of really slowing down. But what will happen is like this particular group, if you look at one of the top screenshots here, they give instructions around what to do if there's a compromise. Typically, they're going to walk the victim organization through the process, how to purchase Bitcoin, maybe send a little bit through initially to show that the transaction is open and they did it correctly. Then you can send the rest of the amount that they asked for shortly after that.

55:35You can also see that there's a warning sign, really a warning message at the bottom where they don't want any negotiators involved. and again I can understand why they don't want it because typically the cost of what the ransom demand is is typically brought down and they just simply don't like dealing with anybody that has the expertise has the knowledge or is there to assist they want to keep the pressure on the organization you know while they're afraid while they're backpedaling and while they're scrambling so that's one particular screenshot from a ransomware operator where they give the instructions and they have a warning built in as well if you look at the screenshot next to that that's what it looks like when they're making information publicly available.

56:16So a lot of these ransomware operators have their own PR page on the dark web. And what they've done here is maybe it was an organization that decided not to pay. They just make all of the data that they captured absolutely free and accessible to anybody who knows where to get it. So this is what one bit of information looks like. You can go through and click through the various files, pull up the various documents. there are pdfs there could be all sorts of other uh you know spreadsheets that are within there that have social security numbers that have dates of birth and could have financial information within there but this is typically what it looks like when that information is in fact made public and then just there's a screenshot of another ransomware operator here on the bottom left just to get a feel for what it looks like and the one that's been extremely active as of late is lockbit 3.0 and here you're going to see a host of organizations that they have compromised and that they have put up kind of on their wall of shame to show that if they don't make a payment, there will be negative consequences for that.

57:15And typically, that's double extortion. There's a compromise. They lock up all of your files. But before they do that, they exfiltrate all of the data and they pressure you. If you want access back to your systems and your data, you better pay. If you don't pay, well, they took your information and they're going to dump it online and make it available to anybody who wants it. So this is a behind the scenes look and what some of these groups look like and how they operate. Now, this next one is just a few other screenshots across the dark web. With so many individuals working from home, I think it's important to understand the added risk that an organization has.

57:47We have computers that are being used by parents. They're being used by children. They're used by other members of people in the house. And when that happens, you can end up with some type of malware that's constantly collecting passwords and other sensitive information. And that's what we have right here, where logs are being made available for purchase. Here we have some other screenshots, again, of other services that are available on the dark web. You can see in the far right one, there's a hacker for hire. They're looking to offer some of their services. You can see the cost, just like any other website that you might go to where you're looking to pay for services rendered.

58:20You'll hear that you can pay in Bitcoin and they'll do all sorts of things. They'll spend time attacking somebody's Facebook or Twitter account. They'll spend time attacking somebody's mobile device, or you can even hire them for a full 30 days, if you like, for the price of$9 ,500, and they'll do whatever project you want to assign to them. So again, these are some of the risks that we face as organizations and individuals and some of the services that are available online on the dark web. Now, how can you leverage this to really differentiate yourself? I think it's important to really showcase your commitment to clients.

58:52You can include a cybersecurity statement on your website that really shows your commitment to security and the measures that you have in place to protect your customer's data as well as any certifications that you might hold. I think it's important to leverage social media as well. Social media platforms can be used to promote the company's cybersecurity initiatives, share relevant news and information, educate your customers on best practices. So if you're spending the time doing these things, if you're spending the money and making that investment to protect data and to show that you care about privacy, cybersecurity risk, I think it's important to very carefully share that information.

59:30You don't want to be shouting from the top of the rooftops. You know, I think that can certainly draw attention to you. But again, having a statement on your website for the clients that visit, leveraging your social media accounts to talk about some of the things that you're doing. You can even host a webinar or event that focuses on a variety of cybersecurity topics such as data protection. Could be identity theft prevention that you have in place, as well as other secure online practices that you have implemented. Doing this will showcase to your customers that the company's invested in educating and protecting them.

59:59I think providing resources for your clients is a nice thing that you can do as well. Businesses offer all sorts of resources, whether it's a white paper, e-books, or infographics that provide clients with cybersecurity best practices and tips to help them stay safe online. So those are some of the things that a business can do to showcase the investment that they're making and why it's important. And I think that gives a little bit more comfort to clients that are doing business with you. And I think some of the things that you don't do also speak volumes because we've all seen all sorts of data breaches and security incidents that have taken place over the years.

1:00:35And it was handled in a complete debacle. It was handled in a manner that left people frustrated. There was not a lot of transparency. So avoiding some of the pitfalls that organizations have made in the past, I think will go a long way. If you look at some of the most common mistakes that organizations make, delayed response in notifying their clients or disclosing the breach that took place, providing inadequate communication. I've seen cases where companies provide very vague or incomplete information about the breach. It just leads to confusion and frustration from those that have been impacted.

1:01:10And then insufficient preparation, companies not taking the time ahead of the event. You have to forecast and plan for something to take place. You have to have a good incident response plan in place. And if you don't, It can lead to all sorts of disorganization and ineffective response when something does happen. I think lack of transparency is another big one. Companies not providing clear information about what information was compromised, who was affected, and what are the steps being taken to prevent something from happening in the future going forward. I think those are big mistakes that organizations make.

1:01:44And then last is really a failure to take responsibility. Companies deflect blame or they downplay the severity of the event. I've seen that plenty of times where they release It's a statement and it talks about they'll give a number or type of data that was impacted and that only has to be revised coming out three days later, four days later by expanding that number and expanding the type of data that was involved. I think those are things that really frustrate many consumers, many individuals that are doing business with that organization. So it's all about handling it in a correct manner. Prop notification, companies that promptly notify affected individuals of the breach and provide clear information about what data was affected and what steps are being taken are very important.

1:02:26Transparency, being transparent and crystal clear about the breach and taking responsibility for any mistakes that have been made, having very clear communication around what exactly happened in timeline, trying to minimize any type of uncertainty or confusion that arises following a data breach, and then providing adequate customer support. I think making sure that you're providing, whether it's a call center, free credit monitoring, other services that can help remedy the situation are very important. And that's all tied up with preparation as well. Making sure that you're taking the steps ahead of time, you're rehearsing, you have people designated across a variety of different areas within your organization that know what to do, that can snap into action, having that incident response plan in place will go a long way.

1:03:12And again, insurance can help with a lot of these things because cyber insurance has become so much more than just financial risk transfer. But again, it's the services and access and risk management to all of these tools, all of these vendors that can help any organization prepare ahead of time, as well as deal with an incident when they're in the thick of it as well. So you want to be very proactive, not reactive, engage with your customer base, provide information that can help benefit them, which will include all sorts of resources and tools that will show your commitment to cybersecurity.

1:03:46So I know that was a lot of information. I wanted to close by sharing maybe some free resources that I think will be very important and you can look into to have access to. The Cybersecurity and Infrastructure Agency, CISA, they provide a range of different tools and resources, including best practices, guidance documents, toolkits for businesses to implement security measures. They also offer some free vulnerability scanning and assessment services, which I think is important to take full advantage of. There's NIST, the National Institute of Standards and Technology. They provide a framework that can help businesses identify, assess, manage cybersecurity risk, and includes guidelines and standards for securing your systems and networks.

1:04:25And then there's a website that I think is important to take a look at, or at least have in the back pocket, stopransomware.gov. And it's from the Cybersecurity Infrastructure and Security agency. Again, they provide a range of resources, tools to help you prepare for dealing with ransomware, to help you manage it if you're in the thick of it, and to just provide better education and understanding around the most recent threats in groups that are very active. So all of these tools can be utilized absolutely for free. And I think implementing and having a commitment to cybersecurity will not only benefit you as an organization, but it will help differentiate you as well, which is very important.

1:05:01And of course, you can go to our website and broker.com forward slash startups to take a look at the resources tools and access that we have to a variety of insurance products as well thank you