This document discusses the cyber mercenary group known as Icefog and their tactics, tools, and targets. Icefog operates in smaller, more agile crews that are assigned to specific projects. They utilize improved hit-and-run tactics and have targeted profiles in military, shipbuilding, satellites, and mass media. The document also notes near intractable supply chain issues and that smaller, agile cyber mercenary groups pose risks through economic espionage and hit-and-run attacks.