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What is a “logic bomb”?

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I heard this used a handful of times and most recently passively in a video I was watching that was about security. I am curious as to what this actually is as it is not something that seems to be mentioned all that much in the world of cyber security. So what exactly is it? 

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Best I could describe it is a piece of code that is designed to cause a program or system to malfunction/crash when a specific set of conditions are met. These are usual set to a later time period. It is meant to cause a massive vulnerability for other styles of network, software, or hardware manipulation to breach data. 

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As mentioned it is code that causes a temporary breach allowing for another system to gain access to the device. These are easily preventable when physical hardware is not used which is why these form of "hacking" is not widely used anymore.