As concern over AI safety and rogue agents continue to make headlines, cybersecurity stocks are rising, and investors are pouring massive amounts of capital into startups building security for an AI-native world. Companies like Instinct and Simile are bringing in nine-figure checks and valuations that wouldn't have made sense a few years ago.

With a front row seat is Shardul Shah, a partner at Index Ventures who's spent nearly two decades investing in cybersecurity, including six consecutive rounds in Wiz, which Google acquired for $32 billion. On the Equity podcast, Shah joins Rebecca Bellan to discuss why periodic, human-in-the-loop security can't keep up, and why Index continues investing in AI-native security companies.

Key topics include why cyber insurance should be most companies' first move in managing AI-era risk, the threat of a single attacker deploying a 10,000-agent ransomware swarm, and how Wiz's founders paved the way for startups like Frame and Enigma. Shah also shares his take on "pacing the frontier" and why even a slowdown in model capability wouldn't cool off cybersecurity investment.