Live from CyberRisk TV at BlackHat 2025, cybersecurity veteran Doug White sits down with Intel 471 CEO Jason Passwaters for an eye-opening conversation on how cybercrime has evolved into a professional, profit-driven ecosystem. From ransomware-as-a-service to agentic AI, this interview pulls back the curtain on the real-world intel enterprises need to defend against today’s most dangerous digital threats.
Jason shares how threat actors are using business models that rival legitimate startups — complete with support teams and customer service — while enterprise security teams face shrinking budgets and expanding attack surfaces. Learn how modern cyber intelligence tools help businesses shift from passive defense to proactive operationalization, and why third-party vendor exposure might be your biggest unseen risk.
Whether you're a CISO, risk analyst, or just fascinated by the cyber underground, this discussion breaks down what every enterprise needs to know to stay ahead of tomorrow’s threats.
Segment Resources:
Verity471: https://www.intel471.com/verity471
Bridging the CTI Gap: https://www.intel471.com/blog/bridging-the-cti-gap-new-exposure-modules-on-verity471-deliver-market-disrupting-views-of-threats
Black Basta: https://www.intel471.com/resources/whitepapers/the-black-basta-blueprint
GIR Framework: https://www.intel471.com/resources/cyber-underground-handbook
This segment is sponsored by Intel471. Visit https://securityweekly.com/intel471bh to learn more about them!
- 0:00 - Intro from BlackHat 2025
- 0:45 - Meet Jason Passwaters of Intel 471
- 01:36 - Evolution of Cybersecurity Teams
- 03:15 - Intelligence Beyond the Firewall
- 05:10 - Lowering the Barrier for Attackers
- 07:00 - The Rise of Cybercrime as a Business
- 08:07 - Agentic AI and Risk Operationalization
- 10:15 - Integrating Intel Across the Enterprise
- 13:12 - Supply Chain Threats and Vendor Risks
- 16:00 - Real-World Example: SolarWinds Breach
- 16:50 - Final Thoughts & Where to Learn More
Jason Passwaters is the CEO of Intel 471, a cyber threat intelligence company headquartered in the United States and with over 250 employees located across the globe. He co-founded the business eleven years ago and successfully bootstrapped Intel 471 through 2021 at which point the company underwent a strategic investment by private equity firm Thoma Bravo. Presently, Jason is steering Intel 471 through a phase of substantial growth, with a primary focus on strategy as well as mergers and acquisitions to fortify the company’s long-term vision and objectives. Jason’s experience draws from nearly 12 years of service in the US Marine Corps. During this period, he served primarily as a Counterintelligence/Human Intelligence (HUMINT) specialist. Additionally, Jason spent four years supporting federal law enforcement, specializing in tracking Eastern European and Russian cybercriminals. He also has experience with other cybersecurity startups that went on to successful exits.
Jason has been at the forefront of the commercial cyber threat intelligence industry since its inception being one of the few practitioners early on with deep experience in both the intelligence community and cyber. With a wealth of international experience, Jason has led and built teams across diverse locations such as Ukraine, Taiwan, China, India, Romania, Brazil, Colombia, Netherlands, United Kingdom, and more. As an accomplished intelligence practitioner, he has spearheaded and executed cyber threat intelligence initiatives, contributing significantly to the identification and mitigation of some of the most prolific cybercriminals and nation-state actors of the past 19+ years. Jason earned his BS in Business Management from Liberty University.
