The podcast discusses post-mortem analysis of the 2019 Capital One cloud breach, detailing the technical, human, and systemic failures that allowed for the compromise of approximately 106 million individuals' data. It explains that the attack was successful due to a misconfigured Web Application Firewall (WAF) and the violation of the Principle of Least Privilege, which allowed an attacker to steal highly privileged AWS credentials. Furthermore, the analysis emphasizes that the breach was a result of systemic governance failures and inadequate internal detection capabilities, ultimately resulting in an $80 million regulatory fine and a $190 million class-action settlement. The discussion concludes that the incident serves as a crucial case study, reinforcing the need for financial institutions to master security fundamentals and adhere strictly to the AWS Shared Responsibility Model.