WEBVTT 00:00:00.000 --> 00:00:02.859 Welcome to the Innovation Conversation, a podcast 00:00:02.859 --> 00:00:05.400 about innovators, both in business and real life. 00:00:05.860 --> 00:00:08.419 Hosted by myself, Ricardo Rescual and Harry McCona. 00:00:08.660 --> 00:00:11.660 This podcast is sponsored by OpenExperts .com. 00:00:11.939 --> 00:00:14.140 OpenExperts is a place to go if you're looking 00:00:14.140 --> 00:00:16.140 to talk with top experts from around the world. 00:00:16.539 --> 00:00:20.879 That is Open -Experts .com. This podcast is also 00:00:20.879 --> 00:00:24.539 sponsored by StartupNetworks .co .uk. Startup 00:00:24.539 --> 00:00:26.820 Networks, it's an online forum where you can 00:00:26.820 --> 00:00:28.739 find all the resources you need to learn your 00:00:28.739 --> 00:00:34.479 startup. Hi, and welcome to another episode of 00:00:34.479 --> 00:00:36.679 the Innovation Conversation. Today we are joined 00:00:36.679 --> 00:00:41.740 by Julia and Brendan from MySina. Welcome. Thank 00:00:41.740 --> 00:00:44.259 you, Ricardo. Very nice to be here with you. 00:00:44.600 --> 00:00:47.100 Thank you indeed, Ricardo. Likewise. It's a pleasure 00:00:47.100 --> 00:00:49.979 having you both here. Would you like to tell 00:00:49.979 --> 00:00:51.880 our audience a little bit about yourselves and 00:00:51.880 --> 00:00:55.909 also what MySina does? So yes, I'm Julia, the 00:00:55.909 --> 00:01:00.049 co -founder and co -CEO of Mycena. Mycena revolutionized 00:01:00.049 --> 00:01:03.329 cybersecurity by doing encrypted access management. 00:01:04.129 --> 00:01:07.790 So in a sense, up until now, 95 % of breaches 00:01:07.790 --> 00:01:11.950 have been through logins and there's 24 billion 00:01:11.950 --> 00:01:14.810 username and passwords on the dark web to... 00:01:14.909 --> 00:01:18.129 to purchase, it's very easy for criminals to 00:01:18.129 --> 00:01:20.609 just get into the system, move laterally, find 00:01:20.609 --> 00:01:23.549 privilege access, and launch ransomware, supply 00:01:23.549 --> 00:01:25.829 chain attacks, interrupt businesses, or even 00:01:25.829 --> 00:01:29.469 just stay in networks for espionage. So we stop 00:01:29.469 --> 00:01:31.969 all of that by making sure that the employees 00:01:31.969 --> 00:01:34.829 never make or know the company's credentials 00:01:34.829 --> 00:01:38.010 in the same way that you don't let employees 00:01:38.010 --> 00:01:41.230 make the keys to access the office. How exactly 00:01:41.230 --> 00:01:43.939 does it work? Do you have a system that automatically 00:01:43.939 --> 00:01:47.400 generates passwords? So it's actually in two 00:01:47.400 --> 00:01:51.959 parts. The user every morning opens a desktop 00:01:51.959 --> 00:01:57.200 or mobile application and he or she goes through 00:01:57.200 --> 00:02:01.180 multiple levels of security. So two FA, two security 00:02:01.180 --> 00:02:04.519 questions, and then the fortress is open for 00:02:04.519 --> 00:02:06.879 the day. then anytime during the day when they 00:02:06.879 --> 00:02:10.759 need to find a credential to open a system, they 00:02:10.759 --> 00:02:14.000 need to enter a PIN to go to the bronze level 00:02:14.000 --> 00:02:16.099 where the lowest sensitivity credentials are 00:02:16.099 --> 00:02:19.840 stored. If they want a medium -sensitive credential 00:02:19.840 --> 00:02:23.280 from the bronze, they need to put a lock pattern 00:02:23.280 --> 00:02:26.180 to get to the silver level. And if they need 00:02:26.180 --> 00:02:29.620 the most critical credentials, things like banking 00:02:29.620 --> 00:02:33.039 servers, from the silver level, there's another 00:02:33.039 --> 00:02:36.400 gate where they need to put a passphrase and 00:02:36.400 --> 00:02:38.650 that will take them to the gold level. So that's 00:02:38.650 --> 00:02:41.789 how the system is layered so that there's no 00:02:41.789 --> 00:02:44.310 single point of failure. And meanwhile, all the 00:02:44.310 --> 00:02:46.490 credentials are actually uploaded by the company. 00:02:46.889 --> 00:02:50.750 It's not at all up to the employees to create 00:02:50.750 --> 00:02:53.349 passwords, no passwords, manipulate passwords. 00:02:53.729 --> 00:02:56.530 They just use them like keys. And all they need 00:02:56.530 --> 00:02:58.930 to do is to actually click on the right credentials, 00:02:59.030 --> 00:03:01.490 like they would put a key in the door. And then 00:03:01.490 --> 00:03:04.810 the system gets brought up to them onto the screen. 00:03:07.000 --> 00:03:09.719 credentials are being pushed into that page so 00:03:09.719 --> 00:03:12.979 that they never see that password and so they 00:03:12.979 --> 00:03:15.659 can't read them away and they can't get intercepted. 00:03:16.120 --> 00:03:18.199 How did you came up with the idea? Was it the 00:03:18.199 --> 00:03:20.419 case that someone hacked you and you know you 00:03:20.419 --> 00:03:23.439 guys both got very frustrated with it or you 00:03:23.439 --> 00:03:26.599 know what's the story behind it? So the story 00:03:26.599 --> 00:03:29.159 behind it is I was struggling with my passwords 00:03:29.159 --> 00:03:31.979 since the late 90s. I was still a student at 00:03:31.979 --> 00:03:35.379 that time and I just never understood being a 00:03:35.379 --> 00:03:38.159 math graduate why people were putting all the 00:03:38.159 --> 00:03:41.159 Xs in basket behind a single door. So a single 00:03:41.159 --> 00:03:43.400 access whether it's a master password or master 00:03:43.400 --> 00:03:48.439 identity using Single sign on, I am open. I just 00:03:48.439 --> 00:03:51.560 couldn't wrap my head around it. And so for decades 00:03:51.560 --> 00:03:53.439 I was struggling trying to find a solution for 00:03:53.439 --> 00:03:57.879 myself. And then on a family trip to Mycena, 00:03:57.960 --> 00:04:00.099 the ancient Greek city, I saw how the ancient 00:04:00.099 --> 00:04:02.080 Greeks, about 3 ,000 years ago, have actually 00:04:02.080 --> 00:04:04.300 protected the cities for centuries through layers 00:04:04.300 --> 00:04:07.479 of security. And then, bang, it dropped on me 00:04:07.479 --> 00:04:10.120 that there was a mathematical solution there 00:04:10.120 --> 00:04:14.069 that could really work. for my problem. And so 00:04:14.069 --> 00:04:16.149 it took a couple of years to just make sure that 00:04:16.149 --> 00:04:17.949 the math was correct, that there was no other 00:04:17.949 --> 00:04:21.050 way of doing it, patent the solution. And then 00:04:21.050 --> 00:04:24.189 we went out to develop it. And very quickly, 00:04:24.269 --> 00:04:27.009 we started working with real enterprise customers 00:04:27.009 --> 00:04:29.509 to really understand their needs and make it 00:04:29.509 --> 00:04:34.750 very easy to use, implement, deploy and integrate 00:04:34.750 --> 00:04:39.899 with the existing tech stack. And what type of 00:04:39.899 --> 00:04:42.420 customers are you getting? Is it industry agnostic 00:04:42.420 --> 00:04:46.480 or was it focused on just one type of industry? 00:04:46.939 --> 00:04:51.519 So when the product was built, we're working 00:04:51.519 --> 00:04:55.060 with clients across 18 sectors, actually, because 00:04:55.060 --> 00:04:58.180 people say we really need this. But can you do 00:04:58.180 --> 00:05:00.560 this for us? Can you do that for us? And that 00:05:00.560 --> 00:05:06.790 actually fed into what the Mycena solution ended 00:05:06.790 --> 00:05:10.250 up being, which we launched last summer, the 00:05:10.250 --> 00:05:12.149 very sophisticated solution that's completely 00:05:12.540 --> 00:05:17.000 industry agnostic. So it works for small organizations, 00:05:17.000 --> 00:05:19.319 as well as for very large organizations. We have 00:05:19.319 --> 00:05:22.120 an access kit to accelerate deployment. It just 00:05:22.120 --> 00:05:25.279 turns out that recently, we've got a lot of requests 00:05:25.279 --> 00:05:29.000 from the financial sectors for information demos 00:05:29.000 --> 00:05:32.879 and so on. So it looks like we are quite heavily 00:05:32.879 --> 00:05:35.199 being drawn towards servicing that industry at 00:05:35.199 --> 00:05:37.319 the moment. But if you take a step back for a 00:05:37.319 --> 00:05:40.120 moment, I mean, anyone who routinely accesses 00:05:40.120 --> 00:05:44.319 internet has got issues cybersecurity issues 00:05:44.319 --> 00:05:47.459 and that's both enterprise and private consumers 00:05:47.459 --> 00:05:50.040 and in the world today there's more than 300 00:05:50.040 --> 00:05:53.279 million enterprises and they're employing more 00:05:53.279 --> 00:05:57.540 than three and a half billion end users and at 00:05:57.540 --> 00:06:00.120 the same time on the on the on the personal side 00:06:00.120 --> 00:06:02.459 you've got more than four and a half billion 00:06:03.170 --> 00:06:05.670 private individuals who are routinely accessing 00:06:05.670 --> 00:06:08.350 internet. Now all of these people are under threat 00:06:08.350 --> 00:06:11.689 from a cyber attack. All of them need protection. 00:06:11.970 --> 00:06:15.750 All access typically through digital doors that 00:06:15.750 --> 00:06:19.310 need proper security. And Mycena is relevant 00:06:19.310 --> 00:06:24.230 to all of those cases. So it's completely broadly 00:06:24.230 --> 00:06:28.230 agnostic. All sectors, all enterprises of all 00:06:28.230 --> 00:06:31.920 shapes and sizes, both public and private. Ultimately, 00:06:31.920 --> 00:06:36.139 that's the end audience, the end market for Mycena. 00:06:36.360 --> 00:06:39.519 Interesting. When you go to market with this 00:06:39.519 --> 00:06:43.079 solution, do people ever tell you this is exactly 00:06:43.079 --> 00:06:45.120 what we're looking for and it's absolutely brilliant 00:06:45.120 --> 00:06:46.879 or you get a lot of pushback from the market 00:06:46.879 --> 00:06:52.300 overall? Actually, what we get is that people 00:06:52.300 --> 00:06:55.560 really get it first. They say, this is a no -brainer. 00:06:55.740 --> 00:06:59.339 It should be everywhere. If you start telling 00:06:59.339 --> 00:07:02.120 people that In the physical world, you never 00:07:02.120 --> 00:07:03.740 let employees make their own keys to access the 00:07:03.740 --> 00:07:05.839 office. So why do you let them make the passwords 00:07:05.839 --> 00:07:08.120 to access your systems and data, which they can 00:07:08.120 --> 00:07:09.980 access from anywhere. People tell us it's an 00:07:09.980 --> 00:07:11.639 eye -opener, it's a no -brainer. They never thought 00:07:11.639 --> 00:07:18.100 about a problem this way. We are opening the 00:07:18.100 --> 00:07:20.100 mind to something that never even considered 00:07:20.100 --> 00:07:22.180 before as being possible. And we are completely 00:07:22.180 --> 00:07:26.639 changing the cybersecurity from around access 00:07:26.639 --> 00:07:30.220 from managing passwords and identities, which 00:07:30.220 --> 00:07:33.300 is a big vulnerability to risk management, which 00:07:33.300 --> 00:07:36.439 is layering access, making sure that the human 00:07:36.439 --> 00:07:38.860 vulnerability layer disappears. And basically 00:07:38.860 --> 00:07:43.850 the company with Mycena has full control and 00:07:43.850 --> 00:07:46.629 governance over its access just like they would 00:07:46.629 --> 00:07:50.389 in a physical building. It makes a lot of sense 00:07:50.389 --> 00:07:53.089 actually. I guess like everyone else I also struggle 00:07:53.089 --> 00:07:55.649 with a lot of passwords and I also struggle with... 00:07:55.839 --> 00:07:58.019 How can I share these passwords without being 00:07:58.019 --> 00:08:00.319 a risk for my organization? Because sometimes 00:08:00.319 --> 00:08:02.220 you have a shared password, but actually, how 00:08:02.220 --> 00:08:04.259 many people have that password? And then you 00:08:04.259 --> 00:08:06.439 end up putting a lot of trust on that individual 00:08:06.439 --> 00:08:08.779 not to share their password. But at the same 00:08:08.779 --> 00:08:10.519 time, the risk for them to share the password 00:08:10.519 --> 00:08:12.879 for your business is actually quite high. So 00:08:12.879 --> 00:08:14.680 you want to eliminate that. So it makes perfect 00:08:14.680 --> 00:08:18.680 sense. You often also get the end users, the 00:08:18.680 --> 00:08:20.779 employees are using their passwords from their 00:08:20.779 --> 00:08:23.100 personal life for their business access as well. 00:08:24.179 --> 00:08:27.420 which is an added layer of risk. But your response 00:08:27.420 --> 00:08:29.160 just there, you know, it makes sense. It makes 00:08:29.160 --> 00:08:31.500 perfect sense. I mean, that's the reaction that 00:08:31.500 --> 00:08:34.620 we get time and time again from customers. I 00:08:34.620 --> 00:08:37.679 think with a lot of, you know, some of the greatest 00:08:37.679 --> 00:08:40.500 inventions in human history, you know, that's 00:08:40.500 --> 00:08:42.740 the sort of after the fact. Yeah, it makes sense. 00:08:42.879 --> 00:08:44.440 You know, why didn't someone think of that before? 00:08:44.700 --> 00:08:47.320 It always seemed more obvious after the fact. 00:08:47.879 --> 00:08:50.080 And the problem, you know, you sort of people 00:08:50.080 --> 00:08:52.039 are grappling with, but then something comes 00:08:52.039 --> 00:08:59.110 along. And it makes sense. What we make sure 00:08:59.110 --> 00:09:02.789 during our R &D development with customers is 00:09:02.789 --> 00:09:05.669 that it integrates really well with the environment. 00:09:05.690 --> 00:09:08.769 So there's no infrastructure change. And because 00:09:08.769 --> 00:09:11.870 it's so easy to deploy and to use for the users. 00:09:12.409 --> 00:09:17.049 So for example, the typical user, let's take 00:09:17.049 --> 00:09:19.470 a bank employee, for example, they would have, 00:09:19.470 --> 00:09:23.720 let's say 30 URLs to open every day. say systems, 00:09:24.120 --> 00:09:26.720 internal and external, and they would open a 00:09:26.720 --> 00:09:29.019 notepad with all these URLs and another notepad 00:09:29.019 --> 00:09:32.100 with the password that they need. So you get 00:09:32.100 --> 00:09:34.980 no huge vulnerability in having passwords in 00:09:34.980 --> 00:09:38.639 one notepad in the first place, but also the 00:09:38.639 --> 00:09:44.509 pain of having to go to the page, find the address, 00:09:44.870 --> 00:09:48.009 then go and type your username, your password, 00:09:48.070 --> 00:09:49.629 and maybe it's actually not the right password. 00:09:49.690 --> 00:09:52.110 So you actually need to try one time, two times, 00:09:52.190 --> 00:09:54.950 three times across multiple systems. It's a lot 00:09:54.950 --> 00:09:58.049 of waste of time. And for people who don't write 00:09:58.049 --> 00:10:01.370 it, they try to remember the 15, 20 passwords 00:10:01.370 --> 00:10:04.370 that they may have in their head. And often they 00:10:04.370 --> 00:10:07.860 end up not remembering and having to reset the 00:10:07.860 --> 00:10:11.860 password, that costs a lot of money. So not only 00:10:11.860 --> 00:10:15.620 does MySina eliminate the need for people to 00:10:15.620 --> 00:10:18.399 create, type, remember, forget, reset passwords, 00:10:18.740 --> 00:10:21.299 but for a company point of view, they can save 00:10:21.299 --> 00:10:24.299 up to 50 % of the IT help this cost, just because 00:10:24.299 --> 00:10:25.940 people don't have passwords to reset anymore. 00:10:26.559 --> 00:10:30.500 And if you think that from a Forrester study, 00:10:30.980 --> 00:10:35.370 one password reset can cost 70 US dollars, You're 00:10:35.370 --> 00:10:37.909 talking about huge cost savings. Just on that, 00:10:37.990 --> 00:10:41.389 we calculated for the FTSE 100 alone that they 00:10:41.389 --> 00:10:44.629 are spending close to two billion pounds a year 00:10:44.629 --> 00:10:48.149 on password resets. And that's totally unnecessary. 00:10:48.769 --> 00:10:53.149 Money down the drain. Yes, some staggering numbers. 00:10:53.169 --> 00:10:56.669 And that's just the FTSE 100. It's a bit scary. 00:10:56.909 --> 00:11:00.169 It's huge. I remember working for companies that 00:11:00.169 --> 00:11:03.190 had double authentication. And every time that 00:11:03.190 --> 00:11:06.720 failed, it was such a loss of productivity because 00:11:06.720 --> 00:11:09.779 you end up wasting if you're lucky just 10 minutes 00:11:09.779 --> 00:11:12.419 but if you're unlucky you waste half a day just 00:11:12.419 --> 00:11:14.259 trying to fix that and they need to go and talk 00:11:14.259 --> 00:11:16.340 with the IT guy but then the IT is just getting 00:11:16.340 --> 00:11:18.360 you know an email from your own personal account 00:11:18.360 --> 00:11:20.100 because there's no other way of reaching him 00:11:20.100 --> 00:11:23.100 or her like hey can you reset my password yeah 00:11:23.100 --> 00:11:25.460 sure but why can't it just becomes an absolute 00:11:25.460 --> 00:11:28.059 nightmare. It's interesting if you flag that 00:11:28.059 --> 00:11:29.700 you know we've got some customers that have talked 00:11:29.700 --> 00:11:33.419 to us about there's a phenomenon called password 00:11:33.419 --> 00:11:36.350 burn and that's where the employee deliberately 00:11:36.350 --> 00:11:38.830 mistypes their password three times in a row 00:11:38.830 --> 00:11:41.389 and then gets locked out of the system. So they 00:11:41.389 --> 00:11:44.529 can't work. It's a good way of getting an extra 00:11:44.529 --> 00:11:50.309 holiday, right? Indeed. I know I struggle with 00:11:50.309 --> 00:11:52.769 that a lot and this makes good sense to have 00:11:52.769 --> 00:11:56.110 a different way of doing things. When we talk 00:11:56.110 --> 00:11:58.750 about other things that are being implemented 00:11:58.750 --> 00:12:01.629 right now like AI and quantum computing, how 00:12:01.629 --> 00:12:04.500 much safer is it by using Mycena compared to 00:12:04.500 --> 00:12:10.019 traditional ways. So from the threat of AI point 00:12:10.019 --> 00:12:12.980 of view, the fact that people don't know the 00:12:12.980 --> 00:12:15.340 passwords means that they can't get scammed by 00:12:15.340 --> 00:12:21.200 AI fakes and give the passwords away to someone 00:12:21.200 --> 00:12:25.440 that they would otherwise trust because you don't 00:12:25.440 --> 00:12:27.700 know it, so you can't even give it away to someone 00:12:27.700 --> 00:12:30.379 you can trust. And from a quantum point of view, 00:12:30.659 --> 00:12:33.889 all our credentials are highly secure, and they 00:12:33.889 --> 00:12:36.450 use multiple combinations of encryption. So it's 00:12:36.450 --> 00:12:39.970 not straight. You can increase the password length 00:12:39.970 --> 00:12:45.070 to 20, 30, 40, 50, infinitely, actually, because 00:12:45.070 --> 00:12:48.490 you don't need to know the password. So you can 00:12:48.490 --> 00:12:50.809 generate as long a password as you need, which 00:12:50.809 --> 00:12:52.610 means that even for quantum computers, it would 00:12:52.610 --> 00:12:54.610 take trillions of years to crack a password, 00:12:54.870 --> 00:12:58.049 if you're lucky. And then once you've cracked 00:12:58.049 --> 00:13:01.149 one, because With Mycena, all your locks have 00:13:01.149 --> 00:13:04.350 different keys. You would need to crack 10 ,000 00:13:04.350 --> 00:13:07.509 other locks to really have an impact on the enterprise. 00:13:07.909 --> 00:13:11.990 So that makes the business of bridging through 00:13:11.990 --> 00:13:15.490 logins completely economically unviable for criminals. 00:13:15.809 --> 00:13:17.549 So they would actually move to another trade. 00:13:19.029 --> 00:13:21.509 One of the beauties of the technology is the 00:13:21.509 --> 00:13:23.909 fact that people never know passwords. And when 00:13:23.909 --> 00:13:27.110 people never know passwords, you can have a unique 00:13:27.110 --> 00:13:30.070 key for every single access point. And with that, 00:13:30.250 --> 00:13:33.389 you containerize risk to the individual digital 00:13:33.389 --> 00:13:37.720 room. the specific system or database. So you've 00:13:37.720 --> 00:13:40.980 got segmentation to the maximum. And from a risk 00:13:40.980 --> 00:13:43.519 management standpoint, it's the best of worlds, 00:13:43.940 --> 00:13:46.820 as opposed to what you have today, where all 00:13:46.820 --> 00:13:50.279 of the existing access management solutions run 00:13:50.279 --> 00:13:53.080 on the basis of single sign -on master entry 00:13:53.080 --> 00:13:56.059 points. And that, from a risk management standpoint, 00:13:56.419 --> 00:13:59.000 is virtually the worst of all worlds. Because 00:13:59.000 --> 00:14:02.509 if somebody fishes or intercepts that key, and 00:14:02.509 --> 00:14:05.809 enters, they have the freedom of the city. They 00:14:05.809 --> 00:14:08.389 can go and roam everywhere and anywhere, up and 00:14:08.389 --> 00:14:10.990 down a supply chain. This is one of the main 00:14:10.990 --> 00:14:19.169 drivers of the scale of systemic risk that is 00:14:19.169 --> 00:14:21.009 building in the world today. It's frightening 00:14:21.009 --> 00:14:22.929 the daylights out of the insurance industry, 00:14:22.970 --> 00:14:25.870 and the insurance industry are really under threat. 00:14:26.210 --> 00:14:28.210 Lloyd's of London, I think, about a month and 00:14:28.210 --> 00:14:31.230 a half ago. published their outlook for the year 00:14:31.230 --> 00:14:35.549 ahead. And the two big topics were natural catastrophes, 00:14:35.889 --> 00:14:39.490 climate related events, and cyber cat. And I 00:14:39.490 --> 00:14:41.669 think in that presentation, they spent more time 00:14:41.669 --> 00:14:44.169 talking about cyber cat, you know, cyber catastrophe. 00:14:44.730 --> 00:14:46.649 These systemic risks, lawyers of London have 00:14:46.649 --> 00:14:50.370 now published a report in October of last year 00:14:50.370 --> 00:14:53.809 where they said one single breach, one entry, 00:14:55.240 --> 00:14:58.240 because of single sign on and this consolidation 00:14:58.240 --> 00:15:00.740 of risk behind single entry points could lead 00:15:00.740 --> 00:15:04.080 to three and a half trillion dollar catastrophe 00:15:04.080 --> 00:15:08.700 event bigger than anything the world has ever 00:15:08.700 --> 00:15:11.379 seen. So the risks are tremendous and the beauty 00:15:11.379 --> 00:15:17.240 of my senior is with one unique and powerful 00:15:17.529 --> 00:15:20.909 key and nobody knows it, and that segmentation 00:15:20.909 --> 00:15:24.350 to every digital door, every access point, that 00:15:24.350 --> 00:15:26.649 containerization of risk completely eliminates 00:15:26.649 --> 00:15:30.809 that systemic risk. Makes sense. It's something 00:15:30.809 --> 00:15:33.970 that I think a lot of people are thinking more 00:15:33.970 --> 00:15:36.129 and more, which is the way we do things right 00:15:36.129 --> 00:15:38.710 now. It's obviously very inefficient, but at 00:15:38.710 --> 00:15:40.350 the same time, when we start thinking about AI 00:15:40.350 --> 00:15:43.190 quantum computing, is this really that safe? 00:15:43.320 --> 00:15:45.580 because the way you just described it actually 00:15:45.580 --> 00:15:48.659 it isn't and the risk is gigantic right so it 00:15:48.659 --> 00:15:50.860 makes perfect sense and how are you finding like 00:15:50.860 --> 00:15:52.799 when you go over and talk with investors are 00:15:52.799 --> 00:15:55.139 they super receptive to the idea they get it 00:15:55.139 --> 00:15:57.179 straight away how are you finding that that process 00:15:57.179 --> 00:15:59.679 because i know you're still fundraising so how 00:15:59.679 --> 00:16:01.580 is that going on overall don't tell me all the 00:16:01.580 --> 00:16:04.399 specifics just tell me the overall So everybody 00:16:04.399 --> 00:16:09.240 gets the logic that we put forward and everybody 00:16:09.240 --> 00:16:12.759 thinks that all companies should be already using 00:16:12.759 --> 00:16:19.809 it and so on. The question is how do you make 00:16:19.809 --> 00:16:23.809 this adopted widely by all these different industries? 00:16:24.289 --> 00:16:26.710 Think of healthcare, for example. The maturity 00:16:26.710 --> 00:16:29.250 of healthcare technology is still very low. Who 00:16:29.250 --> 00:16:32.070 do you talk to to really implement something 00:16:32.070 --> 00:16:34.570 like that in the healthcare industry? Think about 00:16:34.570 --> 00:16:37.169 United Healthcare in the US. That one bridge 00:16:37.169 --> 00:16:40.710 of change IT system has cost them over a billion 00:16:40.710 --> 00:16:43.110 dollars. where people couldn't get a prescription 00:16:43.110 --> 00:16:47.909 and other incidents where all the patients' data 00:16:47.909 --> 00:16:50.610 were leaked. These are the most private. When 00:16:50.610 --> 00:16:53.649 you're sitting on huge troves of information, 00:16:54.049 --> 00:16:56.789 like patients' data, and you still let employees 00:16:56.789 --> 00:16:59.529 make their own case to access the data, you're 00:16:59.529 --> 00:17:02.889 putting a lot of risks on the individual for 00:17:02.889 --> 00:17:06.809 not disclosing that password to the rest of the 00:17:06.809 --> 00:17:09.730 world, really. And there's a chance that that 00:17:09.730 --> 00:17:11.750 password is already leaked because there's 24 00:17:11.750 --> 00:17:14.109 billion passwords in a dark web to start with. 00:17:14.509 --> 00:17:18.589 Any company who does not want to be on that list 00:17:18.589 --> 00:17:22.210 now and forever should be using encrypted access 00:17:22.210 --> 00:17:24.509 management system so that the employees are not 00:17:24.509 --> 00:17:28.349 vulnerable to being hacked. Interesting. And 00:17:28.349 --> 00:17:32.400 so what do your growth plans look like? I'm sure 00:17:32.400 --> 00:17:34.000 you want to conquer the world because it seems 00:17:34.000 --> 00:17:36.660 I have a perfect solution for a lot of industries 00:17:36.660 --> 00:17:39.839 and solves a lot of really big problems Yeah, 00:17:39.880 --> 00:17:41.779 I wouldn't I wouldn't you know use the phrase 00:17:41.779 --> 00:17:44.339 conquer the world I would use the phrase more 00:17:44.339 --> 00:17:47.460 about our mission is is is to put an end to cybercrime 00:17:47.460 --> 00:17:50.559 and you know when 95 % of all breaches are a 00:17:50.559 --> 00:17:53.319 consequence of that human factor the fact that 00:17:53.319 --> 00:17:55.700 people know passwords or use their identity to 00:17:55.700 --> 00:17:58.720 access and the problems being amplified through 00:17:58.720 --> 00:18:02.339 single sign -on solutions. We take all of that 00:18:02.339 --> 00:18:08.940 away and it's that mission to tackle that fundamental 00:18:08.940 --> 00:18:13.900 root cause problem 95 % and solve that is what 00:18:13.900 --> 00:18:20.190 drives us. That's the mission. But yes, you know, 00:18:20.230 --> 00:18:22.150 when you take a step back and look at that mission 00:18:22.150 --> 00:18:24.450 and the scope and scale, and I mentioned earlier, 00:18:24.450 --> 00:18:26.829 you know, over 300 million companies in the world, 00:18:27.130 --> 00:18:28.470 you know, three and a half billion employees, 00:18:28.710 --> 00:18:30.890 four and a half billion private end consumers. 00:18:31.450 --> 00:18:34.809 I mean, you're talking about a huge problem. 00:18:35.089 --> 00:18:37.670 Cybercrime today costs the world approaching 00:18:37.670 --> 00:18:41.140 $10 trillion a year. If it was a country, it 00:18:41.140 --> 00:18:43.119 would be about the second or third largest country 00:18:43.119 --> 00:18:45.599 in the world. It's a massive, massive problem, 00:18:45.720 --> 00:18:49.079 and it's getting bigger and bigger, and we can 00:18:49.079 --> 00:18:53.640 make a big impact on that. So on the question 00:18:53.640 --> 00:18:55.980 of how do we protect the world, is probably the 00:18:55.980 --> 00:18:58.059 right word, we're actually getting a lot of people 00:18:58.059 --> 00:19:00.160 who want to join the adventure, whether it's 00:19:00.160 --> 00:19:05.079 distributors, partners, inferences in the industry. 00:19:05.420 --> 00:19:07.579 I was thinking about, in particular, the financial 00:19:07.579 --> 00:19:09.420 services industry, because we are not based in 00:19:09.420 --> 00:19:13.000 London and meeting a lot of people here. A lot 00:19:13.000 --> 00:19:14.900 of people know that this is a critical issue 00:19:14.900 --> 00:19:18.039 and that they want to help join, use the influence, 00:19:18.299 --> 00:19:20.920 connect us with the right people. And we're getting 00:19:20.920 --> 00:19:24.539 a lot of meetings. Hopefully we'll be able to 00:19:24.539 --> 00:19:27.400 crack one sector first and then the rest will 00:19:27.400 --> 00:19:30.920 follow. Yeah, it just makes good sense to me, 00:19:30.920 --> 00:19:34.940 to be honest, because I have... no work in financial 00:19:34.940 --> 00:19:36.680 institutions, I know how complicated it is all 00:19:36.680 --> 00:19:38.799 the passwords and I know how big of a risk it 00:19:38.799 --> 00:19:42.869 is. So having something that overcomes that challenge 00:19:42.869 --> 00:19:45.869 and also offers me a lot more guarantees as you 00:19:45.869 --> 00:19:48.089 know as a business owner as well just makes good 00:19:48.089 --> 00:19:50.849 business sense to be honest it's perfect and 00:19:50.849 --> 00:19:53.109 I'm guilty of that of having the same passport 00:19:53.109 --> 00:19:56.990 across multiple completely different things which 00:19:56.990 --> 00:19:58.990 I shouldn't but that's kind of how I operate 00:19:58.990 --> 00:20:03.369 but on that note actually what is not talked 00:20:03.369 --> 00:20:05.980 enough is that Once a company gets breached, 00:20:06.400 --> 00:20:08.460 because people are using, as you said, the same 00:20:08.460 --> 00:20:10.660 password across a professional personal life, 00:20:11.079 --> 00:20:12.779 that has a big impact on their personal lives 00:20:12.779 --> 00:20:15.240 because all the accounts on the personal side 00:20:15.240 --> 00:20:18.240 can get breached as well, putting their identity 00:20:18.240 --> 00:20:22.799 at risk. And that's something that people don't 00:20:22.799 --> 00:20:25.920 talk about. The responsibility of the company 00:20:25.920 --> 00:20:28.960 to actually protect the employee as well from 00:20:28.960 --> 00:20:31.279 the risks of cyber breaches in their personal 00:20:31.279 --> 00:20:33.519 lives. Yeah, it makes it makes for good sense. 00:20:33.640 --> 00:20:35.640 I mean, the way the way for example, I operate 00:20:35.640 --> 00:20:38.660 is there's different risk passwords, and there's 00:20:38.660 --> 00:20:40.660 the ones that very high risk and those are unique 00:20:40.660 --> 00:20:42.799 access. So they're not shared with anyone only 00:20:42.799 --> 00:20:44.640 I know them. And then there's the ones which 00:20:44.640 --> 00:20:47.259 are more like the Netflix password. A lot of 00:20:47.259 --> 00:20:52.319 people know my Netflix password. That's more 00:20:52.319 --> 00:20:54.279 and it's when it comes to social engineering 00:20:54.279 --> 00:20:56.500 people can probably think maybe use the same 00:20:56.500 --> 00:20:58.799 password for something else Because it just follows 00:20:58.799 --> 00:21:00.460 a logic obviously I don't because I understand 00:21:00.460 --> 00:21:02.900 how you do that But then I guess a lot of people 00:21:02.900 --> 00:21:04.559 don't don't do that to just you know, that's 00:21:04.559 --> 00:21:06.460 right use I don't know their kids names or the 00:21:06.460 --> 00:21:08.319 favorite pets or something like that So you already 00:21:08.319 --> 00:21:11.019 better than a majority of people but even the 00:21:11.019 --> 00:21:12.940 password which is very high risk Which you keep 00:21:12.940 --> 00:21:16.180 for yourself if someone throws a fake page at 00:21:16.180 --> 00:21:18.099 you and you think it's actually the genuine page 00:21:18.099 --> 00:21:20.980 You can type it in and then that's good without 00:21:20.980 --> 00:21:25.200 even you knowing actually that fishing is always 00:21:25.200 --> 00:21:27.880 a risk. You know, I think most people are not 00:21:27.880 --> 00:21:30.079 that aware of what fishing looks like, because 00:21:30.079 --> 00:21:32.140 you always get this really nice email here, click 00:21:32.140 --> 00:21:34.579 the link, or it's from the bank, you need to 00:21:34.579 --> 00:21:37.359 call us right straight away. Do I? I'm not so 00:21:37.359 --> 00:21:41.839 sure. And again, the fact that people know their 00:21:41.839 --> 00:21:45.460 passwords and the number one threat vector is 00:21:45.460 --> 00:21:47.619 phishing and followed by social engineering. 00:21:47.900 --> 00:21:50.779 I actually read a report this morning from ICO. 00:21:52.119 --> 00:21:54.960 the information, none are here in the UK. And 00:21:54.960 --> 00:21:58.220 they were stating that 91 % of enterprises in 00:21:58.220 --> 00:22:00.740 the UK last year all suffered phishing attacks. 00:22:01.200 --> 00:22:04.039 I mean, phishing, it's the number one threat 00:22:04.039 --> 00:22:08.039 vector. And 95 % of all data breaches, again, 00:22:08.400 --> 00:22:11.700 relate to passwords. Cyber criminals don't have 00:22:11.700 --> 00:22:14.400 some sort of master capability beavering away 00:22:14.400 --> 00:22:18.079 in the basement in the dark with a hoodie on, 00:22:18.720 --> 00:22:22.720 trying to decrypt or somehow find... some entry 00:22:22.720 --> 00:22:27.640 point. Their craft is theft. They steal keys 00:22:27.640 --> 00:22:30.440 and open doors with the keys they've stolen. 00:22:30.720 --> 00:22:34.339 That's it. It's in the digital space, but that's 00:22:34.339 --> 00:22:37.829 their craft. It's theft. Theft of keys. So you're 00:22:37.829 --> 00:22:40.130 trying to tell me that that email I got last 00:22:40.130 --> 00:22:44.369 week from the Nigerian space program where an 00:22:44.369 --> 00:22:46.630 astronaut was lost in space, and they only needed 00:22:46.630 --> 00:22:48.990 me to transfer $100 and I'll get a couple million 00:22:48.990 --> 00:22:52.630 in gold bars. That's completely fake. You got 00:22:52.630 --> 00:22:56.849 food for thought then. Well, with AI, soon you 00:22:56.849 --> 00:23:01.529 won't be able to spot, you know, splattered, 00:23:01.809 --> 00:23:04.849 plastered in your face scams, it's going to be 00:23:04.849 --> 00:23:06.900 much more subtle. And it's already becoming a 00:23:06.900 --> 00:23:10.880 lot more subtle and not like a voice AI pretending 00:23:10.880 --> 00:23:14.240 to be someone who's related to you in distress. 00:23:14.799 --> 00:23:18.460 We've seen that a lot in the news. And, and all 00:23:18.460 --> 00:23:21.079 the that TFO who transferred is at $100 million, 00:23:21.700 --> 00:23:26.099 Hong Kong dollars, I think, to after a zoom call 00:23:26.099 --> 00:23:32.700 with nine other AI, which That is a really technique 00:23:32.700 --> 00:23:34.819 though, if you think about it, that's a lot of 00:23:34.819 --> 00:23:36.619 you got to give credit to the thief though. That's 00:23:36.619 --> 00:23:40.299 that's quite hard to do, I guess. No, the latest 00:23:40.299 --> 00:23:42.740 one I've heard about was someone there was a 00:23:42.740 --> 00:23:44.619 big scam here. I guess in Portugal and Europe 00:23:44.619 --> 00:23:48.359 where you get a text on your phone saying, Hi, 00:23:48.420 --> 00:23:50.900 it's your dad or it's your mom. I need I need 00:23:50.900 --> 00:23:52.740 some money or something like that. Can you please 00:23:52.740 --> 00:23:54.099 send it straight away because I'm in trouble 00:23:54.099 --> 00:23:55.980 and then people just send it straight away. They 00:23:55.980 --> 00:24:01.650 wouldn't even question who it is. Hmm. And so 00:24:01.650 --> 00:24:03.490 I was like to ask a little bit of a personal 00:24:03.490 --> 00:24:06.990 question, which is, you know, what makes you 00:24:06.990 --> 00:24:08.630 wake up in the morning and feeling inspired? 00:24:09.190 --> 00:24:11.670 What's that one thing like what gives you inspiration 00:24:11.670 --> 00:24:14.009 to build all this and also what keeps you pushing 00:24:14.009 --> 00:24:17.180 forward when they know times get rough? Well, 00:24:17.599 --> 00:24:20.359 you know, it's a roller coaster journey for sure. 00:24:20.660 --> 00:24:23.799 Working in cyber security is not the easiest 00:24:23.799 --> 00:24:27.599 of industries. But I think the fact that we have 00:24:27.599 --> 00:24:30.099 this technology, which solves such a big problem 00:24:30.099 --> 00:24:33.940 in the current world, if we can eliminate cyber 00:24:33.940 --> 00:24:37.980 crime and do that. in an easy manner for the 00:24:37.980 --> 00:24:40.539 user. So we do the hard work so that other people 00:24:40.539 --> 00:24:42.640 can understand cybersecurity and do it properly. 00:24:43.039 --> 00:24:46.039 I think that's in itself, you know, it's a great 00:24:46.039 --> 00:24:49.819 mission to wake up to and to keep going. And 00:24:49.819 --> 00:24:52.519 what about good books? What's the book you're 00:24:52.519 --> 00:24:54.359 reading right now? And you actually recommend 00:24:54.359 --> 00:24:58.480 people favorite book is just in case you're using 00:24:58.480 --> 00:25:00.819 the author's name as a password, but like the 00:25:00.819 --> 00:25:04.390 latest book you read. Excluding business books. 00:25:05.410 --> 00:25:07.390 You can include business books as well. That's 00:25:07.390 --> 00:25:09.410 completely fine. Yeah, I'm actually reading about 00:25:09.410 --> 00:25:11.990 20 books at the same time at the moment on different 00:25:11.990 --> 00:25:15.329 subjects. Some of them, you know, that I've already 00:25:15.329 --> 00:25:21.329 read some of them new. Yes. And I can I can tell 00:25:21.329 --> 00:25:25.549 you. So there are obviously a lot of business 00:25:25.549 --> 00:25:29.740 books. But there's also a book on Leonardo da 00:25:29.740 --> 00:25:33.599 Vinci, which is his legacy, and encompasses all 00:25:33.599 --> 00:25:39.079 of his discoveries in optics, in flying, in water, 00:25:39.519 --> 00:25:44.220 in weapon making. Very, very interesting for 00:25:44.220 --> 00:25:47.779 an innovator to actually read that. I'm revisiting 00:25:47.779 --> 00:25:52.660 the innovators as well, like Walter Isaacson. 00:25:54.249 --> 00:26:01.150 And a few others on business and marketing. You 00:26:01.150 --> 00:26:03.970 know, when times are really, really small on 00:26:03.970 --> 00:26:06.109 the personal level, but when things get really, 00:26:06.109 --> 00:26:08.329 really rough, what's the one thing that pops 00:26:08.329 --> 00:26:10.829 in the back of your mind? You know, that great 00:26:10.829 --> 00:26:12.829 message, that one that says, I got this, so I 00:26:12.829 --> 00:26:15.029 can still do this or, you know, screw you, I'm 00:26:15.029 --> 00:26:16.769 still going to go ahead with this because I'm 00:26:16.769 --> 00:26:18.630 incredibly stubborn. Like, what's the one thing 00:26:18.630 --> 00:26:20.859 that pops in your mind? I think it's a support 00:26:20.859 --> 00:26:23.119 network that we have, you know, the family, the 00:26:23.119 --> 00:26:27.359 friends, all the people around you who encourage 00:26:27.359 --> 00:26:29.380 you. I think, you know, if people didn't believe 00:26:29.380 --> 00:26:31.440 in you, I think it would be really tough. But 00:26:31.440 --> 00:26:33.920 in our case, and everybody thinks that this is 00:26:33.920 --> 00:26:35.960 brilliant, what we've done is brilliant. And 00:26:35.960 --> 00:26:37.779 I think when the times get tough, you know, you 00:26:37.779 --> 00:26:39.539 have to remind yourself that you should be proud 00:26:39.539 --> 00:26:42.319 about what we've done, about the mission. And 00:26:42.319 --> 00:26:45.359 this is going to be, the solution can really 00:26:45.359 --> 00:26:47.460 transform the world. So, you know, it's really 00:26:47.460 --> 00:26:51.779 worth Um, the, uh, the efforts and, uh, and all 00:26:51.779 --> 00:26:54.339 the drive, um, you know, we, we also driven by 00:26:54.339 --> 00:26:57.380 the people pushing us. Yeah. And I would perhaps 00:26:57.380 --> 00:26:59.599 just add that, you know, there's nothing unusual 00:26:59.599 --> 00:27:02.059 about that. So I think, um, rising the journey 00:27:02.059 --> 00:27:04.839 that you're on rather than the moment in time 00:27:04.839 --> 00:27:07.299 or the content of the moment. Um, and, and not 00:27:07.299 --> 00:27:09.900 losing sight of your journey, your trajectory, 00:27:10.259 --> 00:27:12.980 the path, you know, both with the business with, 00:27:12.980 --> 00:27:15.309 with. you know, whatever it is that you're working 00:27:15.309 --> 00:27:18.529 on technologically, commercially, um, but also 00:27:18.529 --> 00:27:21.970 your life journey and the things that you really 00:27:21.970 --> 00:27:24.349 deep down care about, you know, your own personal 00:27:24.349 --> 00:27:28.170 sort of values and frameworks for life. Um, you 00:27:28.170 --> 00:27:30.589 know, not losing sight of that, uh, I think really 00:27:30.589 --> 00:27:32.869 helps and sort of anchoring on that, you know, 00:27:32.950 --> 00:27:36.190 and, and a lot of these experiences, the highs, 00:27:36.269 --> 00:27:38.309 the lows, particularly the lows, when things 00:27:38.309 --> 00:27:41.789 get tough, like you say, um, you know, it's, 00:27:41.869 --> 00:27:46.000 it's not unusual. If you, if you jumped in that 00:27:46.000 --> 00:27:48.859 deep lake, you know, there's going to be highs 00:27:48.859 --> 00:27:51.140 and lows, you know, so a lot of these experiences, 00:27:51.160 --> 00:27:53.220 so recognizing that and just saying, you know, 00:27:53.220 --> 00:27:55.220 you know, yeah, I shouldn't be surprised that 00:27:55.220 --> 00:27:57.839 things are tough. I've got to keep pushing through 00:27:57.839 --> 00:28:00.220 persistence, you know, persistence, belief in 00:28:00.220 --> 00:28:04.819 what you're doing and don't give up. So in terms 00:28:04.819 --> 00:28:07.400 of state sponsored attacks, how would Mainzina 00:28:07.400 --> 00:28:13.420 help? So what we've heard at the many governments, 00:28:13.660 --> 00:28:18.740 the UK, the US, France, saying that nation states 00:28:18.740 --> 00:28:22.579 have actually sponsored criminals to get into 00:28:22.579 --> 00:28:25.859 critical infrastructure systems, including water, 00:28:26.140 --> 00:28:31.420 energy, and waste, and all sorts of societal 00:28:31.420 --> 00:28:35.779 critical sectors, and maintaining persistent 00:28:35.779 --> 00:28:39.099 access, so unauthorized persistent access. My 00:28:39.099 --> 00:28:42.980 scene now, if you change all the locks within 00:28:42.980 --> 00:28:45.579 the systems of the critical infrastructure, you 00:28:45.579 --> 00:28:48.140 would be able to kick away all of those malicious 00:28:48.140 --> 00:28:50.359 actors straight away because they don't have 00:28:50.359 --> 00:28:52.599 the keys anymore. And because no one else, no 00:28:52.599 --> 00:28:54.779 one knows the keys. So they certainly wouldn't 00:28:54.779 --> 00:28:58.819 have them. Interesting. So if you belong to some 00:28:58.819 --> 00:29:01.799 type of government, just be on the lookout. Definitely 00:29:01.799 --> 00:29:03.220 a very good solution because I think that's a 00:29:03.220 --> 00:29:05.920 big problem. I spoke with a lot of people very 00:29:05.920 --> 00:29:08.549 much into AI and they told me that their biggest 00:29:08.549 --> 00:29:11.029 risk and then they keep them up at night is the 00:29:11.029 --> 00:29:13.069 fact that you can have state sponsor attacks 00:29:13.069 --> 00:29:16.390 on a lot of things. So by having your solution 00:29:16.390 --> 00:29:18.230 implemented, you won't have that risk anymore, 00:29:18.450 --> 00:29:20.960 which is pretty good. People can sleep. Actually, 00:29:21.660 --> 00:29:24.359 regarding AI, because of the information that 00:29:24.359 --> 00:29:28.680 they use, that they harvest, the trove of information 00:29:28.680 --> 00:29:32.200 that's sitting on to train the AI models, the 00:29:32.200 --> 00:29:37.119 LLMs, you would really push for more security 00:29:37.119 --> 00:29:40.880 on who has access to those AIs. And at the moment, 00:29:41.440 --> 00:29:43.240 I'm sorry, it's the employees who actually make 00:29:43.240 --> 00:29:46.839 the... make the keys to access all of those data, 00:29:46.980 --> 00:29:50.119 which makes it pretty scary for the rest of us. 00:29:51.200 --> 00:29:53.519 A lot of people are actually using the copilots 00:29:53.519 --> 00:29:56.420 and other AI, putting company information thinking 00:29:56.420 --> 00:29:59.700 that they're safe, but they're not. 95 % of breaches 00:29:59.700 --> 00:30:03.640 are logins. Anybody who's sitting on any sensitive 00:30:03.640 --> 00:30:06.460 information, critical infrastructure, healthcare, 00:30:07.099 --> 00:30:11.380 banking, AI, should definitely make sure that 00:30:11.380 --> 00:30:14.190 they control the locks and keys. If people want 00:30:14.190 --> 00:30:17.569 to reach out to you, how can they do so? Well, 00:30:17.609 --> 00:30:21.009 they can send us an email, I suppose. And we'll 00:30:21.009 --> 00:30:23.890 pick it up. So if it's a business related, would 00:30:23.890 --> 00:30:28.710 it be contact at mysina .co. Mysina I -C -E -N 00:30:28.710 --> 00:30:30.890 -A. Thank you. Wonderful. Thank you so much for 00:30:30.890 --> 00:30:32.390 your time. I really appreciate it. It's been 00:30:32.390 --> 00:30:34.769 a pleasure having you here. Thank you so much, 00:30:35.069 --> 00:30:38.490 Ricardo. Thanks very much. All right. This podcast 00:30:38.490 --> 00:30:42.230 is also sponsored by startupnetworks .co .uk. 00:30:42.490 --> 00:30:44.690 Startup Networks, it's an online forum where 00:30:44.690 --> 00:30:46.690 you can find all the resources you need to run 00:30:46.690 --> 00:30:49.430 your startup. 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