This statement is correct because a logic bomb is indeed a type of malicious code that is designed to execute or 'detonate' when a predefined condition is met. These conditions could be anything from a specific date, time, or event, to the presence or absence of certain files. It's crucial to be aware of what logic bombs are and their mode of operation for effective threat identification and mitigation. Contrarily, keyloggers operate by recording the keys struck on a keyboard, and their execution does not depend on a specific condition; rather, they continuously record keystrokes.