Just because our DNA can be efficiently encoded doesn't mean that our brain is a tiny proportion of that encoding. Your DNA doesn't change much from when you're born to when you die (random degredation aside) and yet your cognative abilities change beyond all recognition. Why is that? Well maybe there's more to what's in the brain than just what's encoded in your DNA.
Secondly, how does he get to the 40Mb number? I don't think we know anywhere near enough to know how much information it would take to encode a brain, but 40Mb seems just made up. For starters, consider the amount of random stuff you can remember from your entire life. Are you saying that all can be encoded in just 40Mb? Seems very unlikely.