I don't think this is totally correct. Once the firmware loads it can pretend to be another device, capture keystrokes, etc. There is definitely potential for malice. We shouldn't exaggerate the risk though as it pertains to security. While it is a threat there are lots of threats to security/privacy on every computer. The most glaring one is the proprietary BIOS. However there are other pieces besides this on a modern system we should be concerned about. We definitely need something better than what exists today.

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