The Russian-sponsored influence campaign targeting the 2016 US Presidential Elections surprised policy-makers and scholars, highlighting a gap in theories of (cyber) power. Russia had used information technologies to project power, yet more subtly than prevailing militarized conceptions of cyber power predicted. Rather than causing damage and disruption, it turned sources of American power into vulnerabilities. Recent scholarship emphasizes this mechanism’s technological novelty. Instead, I argue this campaign demonstrated the importance of an undertheorized instrument of power: subversion. Integrating Intelligence scholarship and International Relations theory, this article develops an innovative theory of subversion as reverse structural power. Structural power shapes structures of interaction and the capacities of structural positions to the benefit of the holder of such power. Subversion reverses these benefits into harms. It exploits vulnerabilities in structures to secretly manipulate them, leveraging the capacities of structural positions to produce outcomes neither expected nor intended by the holders of structural power. Traditional subversion targets social structures, while cyber operations target sociotechnical structures: namely, Information Communications Technologies (ICTs) embedded in modern societies. The targeted structures differ, yet both rely on subversive techniques of exploitation that reverse structural power. Cyber operations are means of subversion. This theory helps explain two unresolved issues in cybersecurity: the capability–vulnerability paradox and the outsize role of non-state actors. Finally, I demonstrate the theory’s utility in a plausibility probe, examining the 2016 Election Interference Campaign. It shows this campaign did not use new “weapons,” but rather integrated traditional and sociotechnical means of subversion.