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Given the increasing complexity of modern electronics and the cost of fabrication, entities from around the globe have become more heavily involved in all phases of the electronics supply chain. In this environment, hardware Trojans (i.e., malicious modifications or inclusions made by untrusted third parties) pose major security concerns, especially for those integrated circuits (ICs) and systems used in critical applications and cyber infrastructure. While hardware Trojans have been explored significantly in academia over the last decade, there remains room for improvement. In this article, we examine the research on hardware Trojans from the last decade and attempt to capture the lessons learned. A comprehensive adversarial model taxonomy is introduced and used to examine the current state of the art. Then the past countermeasures and publication trends are categorized based on the adversarial model and …