Imagine you are king or queen for a day. How would you employ the time and talent of computer hackers? Whom would you target, with what type of malware, and for what purpose? Where would you set technical, legal, and ethical constraints? This presentation will examine the role of malicious software in real-world nation-state intelligence operations. Information technology continuously transforms the nature of statecraft, from external threats to internal security. This talk will clarify the roles and risks of law enforcement, counterintelligence, and foreign intelligence operations in the Internet era. We will consider the attack and defence of everything in a modern state, from elections to electricity. And finally, we will discuss how enterprises should respond to a threat that has no fear of prosecution or retaliation.