In short: Deiya. The cyber pick, and the one where they were "ahead of this a little bit." Frontier models have collapsed the cost of finding vulnerabilities in code, so attacks shift back from identity (~80% of recent breaches) to traditional exploitation — CISOs "are losing their minds." Tenable leads exposure management (started 2022): find every asset, scan it, rank which vulnerabilities actually matter, then fix them — with an Anthropic partnership powering it. A huge installed base of vulnerability scanners to upsell, and it trades at 4× EV/sales versus CrowdStrike and Palo Alto north of 20×. They expect growth to accelerate.
For a decade most hacking has been social: trick an employee into handing over a password and walk in the front door. Companies bought tools like CrowdStrike's to watch for that. Deiya's argument is that AI has just reopened the older, harder attack route — a frontier model can read through thousands of lines of a company's code and find genuine flaws in it cheaply, so attackers no longer need to fool anyone.
That creates demand for a different product, called exposure management: tell me every system I own (most large companies genuinely don't know), scan all of it, list the hundreds of weaknesses, then rank the handful that an attacker could actually exploit to do real damage — and fix them. Tenable has been building this since 2022 on top of its older vulnerability-scanning business, and uses a partnership with Anthropic to run frontier models across a customer's assets and code. Its existing scanner customers are a ready-made upgrade base.
The valuation is the other half of the case: Tenable trades at about 4 times its annual revenue while CrowdStrike and Palo Alto trade above 20 times. You're paying a fifth of the price for the company Deiya thinks is best positioned for the next shift, and he expects its growth rate — currently around 10% — to speed up rather than keep fading.
27:35That's where it's headed. So the company that we're really interested in is a company called Tennal that is ahead of the game here. They're the leaders in something called exposure management, which is where the space is heading. They started this in 2022 and it's really about taking their previous solution which was kind of a vulnerability scanning software that has tended to move to a more commoditized direction, and really building out a platform behind exposure management, using, they have a partnership with
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