The Honeynet Project was founded by 30 US based security professionals with the intention of researching the techniques, tools, tactics and motives of hackers and the 'blackhat' community in general. A Honeynet Project is an all volunteer, non-profit organization committed to sharing and learning the motives, tools, and tactics of the hacking community. It is comprised of a number of information security professionals dedicated to honeynet research and information security. This paper outlines the technical configuration of a honeynet, presents some of the key attacks on the honeynet to date and provides recommendations for securing networked systems.