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Embedded Cybersecurity (The Derby Mill Series ep 24)
AI-enabled cyberattacks are increasing in sophistication and creativity.
Feb 24, 2026
AI-enabled cyberattacks are increasing in sophistication and creativity. For example, recently, a vending machine became a potential entry point for attackers targeting a large financial institution in a major city. So how can manufacturers protect devices in the age of AI and LLMs? How can that effort be helped by open source software and hardware? And what does this mean for the future of connected devices?
All this and more is on the agenda in the latest episode of the Derby Mill Series, which sees our usual team of Ajay Agrawal, Rich Sutton, Sendhil Mullainathan, Niamh Gavin and Suzanne Gildert joined by Intrepid growth partner Ken Nickerson and our special guest, Gianni Cuozzo from Exein, as they explore embedded cybersecurity and how it protects billions of connected devices around the world.
GUESTS AND HOSTS
Gianni Cuozzo, founder and CEO, Exein
Ajay Agrawal, co-founder and partner, Intrepid Growth Partners
Richard Sutton, senior advisor, Intrepid Growth Partners, 2024 Turing Award recipient, pioneer of reinforcement learning and professor, University of Alberta
Sendhil Mullainathan, senior advisor, Intrepid Growth Partners, MacArthur Genius grant recipient and professor, MIT
Niamh Gavin, senior advisor, Intrepid Growth Partners, Applied AI scientist and CEO, Emergent Platforms
Suzanne Gildert, founder and CEO, Nirvanic Consciousness Technologies
Ken Nickerson, senior advisor, Intrepid Growth Partners, and founder and CEO, iBinary
LINKS
Exein website
Exein explanationvideo
Exein raises €100m in new funding to accelerate its global expansion
Mentioned in the episode: Read Anthropic’s report: Disrupting the first reported AI-orchestrated cyber espionage campaign
Subscribe to The Derby Mill Series at our Substack (main site) or on YouTube, Spotify or Apple Podcasts
Derby Mill is created by the team at Intrepid Growth Partners and produced by Ghost Bureau.
DISCUSSION POINTS
00:00 — What is embedded cybersecurity?
01:23 — How IoT devices become attack vectors
02:20 — The vending machine breach at a major bank
06:00 — Lateral movement and malware explained
08:53 — Gianni’s background in cyber warfare
11:05 — What is embedded cybersecurity?
13:49 — What makes Exein unique in cybersecurity
16:06 — Reinforcement learning and hacking
17:29 — Physical risks in robotics
19:24 — Pattern recognition vs expected behaviour
25:56 — Historical lessons from computing vulnerabilities
31:05 — AI and cybersecurity at the limit
32:13 — Future equilibrium: open hardware and software
36:44 — Scaling attacks and defence in cyber-physical systems
DISCLAIMER
The content of this podcast is for informational and educational purposes only and should not be construed as marketing, solicitation, or an offer to buy or sell any securities or investments. The opinions expressed in this video are those of the participants and do not necessarily reflect the views of Intrepid Growth Partners or its affiliates. Any discussion of specific companies, technologies, or industries is for illustrative purposes and does not constitute investment advice. Viewers are encouraged to consult with their own financial, legal, and tax advisors before making any investment decisions.
The Derby Mill Series
Intrepid Growth Partners’ Senior Advisors Rich Sutton (pioneer of reinforcement learning), Sendhil Mullainathan (MacArthur Genius recipient), and Niamh Gavin (Applied AI scientist) join Intrepid partner and co-founder Ajay Agrawal to explore what’s possible with the entrepreneurs implementing AI-based solutions and pushing out the productivity frontier.
Other Resources
